CVS closes higher for the 2nd day in a row

CVS Caremark Corp. (CVS) Technical Analysis Report for Jul 13, 2018

Highlights

CVS pushes through 20-day moving average
CVS closes higher for the 2nd day in a row
CVS rises to highest close since June 27th
CVS closes within previous day's range

TQ Sentiment

Report Sentiment: 0% Neutral
Technical Forecast:

Overview

Moving higher for the 2nd day in a row, CVS ended the week 3.23% higher at 68.63 after gaining $0.64 (0.94%) today. Today's closing price of 68.63 marks the highest close since June 27th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily chart for CVS

Volatility

Friday's trading range was $1.56 (2.29%), that's slightly below last trading month's daily average range of $1.87. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 69.63.

Trend

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already. The stock managed to break above the 20-day moving average at 68.30 today for the first time since June 6th.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 70.34 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 66.81 where further sell stops could get activated.

Conclusion

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

Market Conditions for CVS Caremark Corp.

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