CVS closes higher for the 6th day in a row


CVS Caremark Corp. (CVS) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team

Highlights

CVS runs into sellers around 69.12 for the third day in a row
CVS fails to close above 200-day moving average
CVS closes higher for the 6th day in a row
CVS ends the day on a bullish note closing near the high of the day
CVS rises to highest close since June 27th

Overview

Moving higher for the 6th day in a row, CVS finished the week 6.41% higher at 69.05 after gaining $0.48 (0.7%) today. Today's closing price of 69.05 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 in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily Candlestick Chart (CVS as at Aug 10, 2018):

Daily technical analysis candlestick chart for CVS Caremark Corp. (CVS) as at Aug 10, 2018

Friday's trading range was $0.91 (1.33%), that's below last trading month's daily average range of $1.28. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being below average.

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.

Prices are trading close to the key resistance level at 69.39. The stock ran into sellers again today around 69.12 for the third trading day in a row after having found sellers at 69.28 in the previous session and at 69.39 two days ago. After spiking up to 69.12 during the day, the share found resistance at the 200-day moving average at 69.06.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying might accelerate should prices move above the close-by swing high at 69.39 where further buy stops could get activated. Further buying might move prices higher should the market test July's nearby high at 70.34.


Market Conditions for CVS as at Aug 10, 2018

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