CAH finds buyers at key support level


Cardinal Health Inc. (CAH) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
CAH finds buyers at key support level
CAH stuck within tight trading range
CAH closes within previous day's range after lackluster session
CAH ends the day indecisive
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

CAH finished Thursday at 54.33 losing $0.18 (-0.33%). Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for CAH
Volatility

Thursday's trading range was $1.04 (1.91%), that's below last trading month's daily average range of $1.84. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way above average. Prices continued to consolidate within a tight trading range between 53.57 and 55.16 which it has been in now for the last three days.

Price Action

After moving higher in the previous session, the market closed lower but above the prior day's open today, forming a bearish Harami Candle.

Support/Resistance

After trading as low as 53.57 during the day, Cardinal Health bounced off the key support level at 53.70. The failure to close below the support could increase that levels importance as support going forward.

Trend

While the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 55.75 where further buy stops might get activated. With prices trading close to this year's low at 50.79, downside momentum could speed up should the share break out to new lows for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Cardinal Health Inc.
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Strong Up Move TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

CAH surges 2.87% closing $1.45 higher

Aug 17, 2018
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