CVS Health (CVS) Technical Analysis: Will it go more swallow?

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CVS Health Corp. is a company that provides health care services. It is divided into four business segments: Pharmacy Services, Retail or Long Term Care, Health Care Benefits, and Corporate. Pharmacy Services provides pharmacy benefit management solutions. Prescription medications and a variety of miscellaneous products are sold in the Retail or Long Term Care category. The Health Care Benefits section provides traditional, optional, and consumer-directed health insurance goods and services, such as medical, pharmacy, dental, behavioral health, and medical management. The Corporate division is responsible for management and administrative services. Stanley P. Goldstein and Ralph Hoagland formed the firm in 1963, and it is located in Woonsocket, Rhode Island.

What does the previous candle speak about?

CVS Health Corp. stock finished at $ 66.66, with a total market size of $ 85.45B (44M shares outstanding). CVS Health Corp. trades under the symbol CVS on the New York Stock Exchange. CVS Health Corp.’s stock price has risen -8.34% in the last 24 hours. The stock price prognosis for CVS Health Corp. is now positive.CVS Health Corp.’s trailing twelve-month dividend rate is $ 2.23 per share, yielding 0.03%.

CVS Health has $71.6 billion in shareholder equity and $58.2 billion in debt, resulting in an 81.3% debt-to-equity ratio. It has $239.3 billion in assets and $167.8 billion in liabilities. CVS Health’s EBIT is $15.0 billion, giving it an 11.6 interest coverage ratio. Its cash and short-term investments are $17.7 billion. CVS stock has a market value of $91.511 billion and a total revenue of $322.79 billion. Furthermore, the stock has a basic EPS of $3.07 and a price-to-earnings ratio of 23.46. Furthermore, the average volume is 9.49 million, and the current volume is 9.7 million, indicating that the current volume is greater than the average volume.

Should we enter or hold the trade?

Yesterday’s stock market, the CVS opened with a strong gapdown, It has touched its two-year bottom, and it may either go further or retest and continue to trade sideways. The volume of it indicates that a greater number of major players have entered the game; the volume figure is 60.6 million.  Furthermore, after hitting a low of $66.51, the CVS stock price rebounded and increased by roughly 8% in two months. At press time, CVS stock was trading at $71.38. The stock’s volume is growing, indicating more trading activity and interest. The CVS price is similarly trending upward, with higher highs and lower lows. Because of all of this, the sudden possibility of yesterday may have been a false alarm; we should wait for 2-3 days before investing.CVS Health Analysis On the Daily Chart:

CVS Moving Averages Convergence Divergence (MACD) indicator is -0.05, indicating a Buy for CVS Health Corp.

CVS’s 20-day exponential moving average is 72.99, and its share price is $66.8, indicating a sale.

CVS’s 50-day exponential moving average is 72.32, and its share price is $66.8, indicating a sale.

On the Weekly Chart:

CVS Moving Averages Convergence Divergence (MACD) indicator is -2.87, indicating a Sell for CVS Health Corp.

CVS’s 20-day exponential moving average is 72.88, and its share price is $66.8, indicating a Sell.

CVS’s 50-day exponential moving average is 79.05, and its share price is $66.8, indicating a sale.

Indicators:

The CVS Relative Strength Index (RSI) is 38.37, indicating that the market is neutral.

The CVS Trend Strength Indicator (ADX) is 32.06, indicating that the market is neutral.

The CVS Commodity Channel Index (CCI) is -67.10, indicating that the market is neutral.

The CVS Price Rate of Change (ROC) is -3.75, indicating that the stock should be sold.

The future index of the CVS

According to our current CVS stock estimate, the value of CVS Health shares will fall by -7.04% by August 23, 2023, reaching $ 61.96 per share. Our technical indicators indicate that the present attitude is Bearish, with the Fear & Greed Index reading 39 (Fear). CVS stock has seen 16/30 (53%) green days in the previous 30 days, with 2.75% price volatility. According to our CVS Health stock forecast, it’s now a terrible time to purchase CVS stock because it’s trading 7.57% higher than we predicted.

Conclusion

CVS stock (NASDAQ: CVS) According to the price action, the CVS Health price began its voyage by rising downwards from the big supply zone. Since December 12th, 2022, the CVS stock price has been in a downward trend, with lower highs and lower lows. CVS’s stock fell by 36% in six months, from $104 to $66 by May 31st, 2023.

Technical levels

  • Resistance levels: $77.09 and $90.70
  • Support levels: $66

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

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