CVS closes lower for the 2nd day in a row

CVS Caremark Corp. (CVS) Technical Analysis Report for Sep 14, 2018

Highlights

CVS closes lower for the 2nd day in a row
CVS ends the day on a bearish note closing near the low of the day
CVS finds buyers again around 76.86
CVS closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 40% Bearish
Technical Forecast:

Overview

Moving lower for the 2nd day in a row, CVS finished the week -0.49% lower at 76.91 after edging lower $0.17 (-0.22%) today. 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 weak close near the low of the day sets a bearish note for the next session.

Daily chart for CVS

Volatility

Friday's trading range was $0.88 (1.14%), that's below last trading month's daily average range of $1.36. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way below average.

Support/Resistance

Prices are trading close to the key resistance level at 77.80. After having been unable to move lower than 76.89 in the prior session, the market found buyers again around the same price level today at 76.86.

Trend

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

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 CVS Caremark Corp.

Condition Forecast Direction Win Rate Exit Day Events
Close near high of period TQ Pro Members Only
Bullish Outside Bar TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Low close to previous low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

CVS pushes through previous session high

Sep 17, 2018
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