CVS Health Stock Forecast
Green day on Wednesday for CVS Health stock after gaining 0.314%
(Updated on Jun 26, 2024)
The CVS Health stock price gained 0.314% on the last trading day (Wednesday, 26th Jun 2024), rising from $60.44 to $60.63. During the last trading day the stock fluctuated 1.97% from a day low at $59.77 to a day high of $60.95. The price has been going up and down for this period, and there has been a 1.05% gain for the last 2 weeks. Volume fell on the last day by -564 thousand shares and in total, 8 million shares were bought and sold for approximately $474.96 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies the upper part of a very wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $62.56 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -21.92% during the next 3 months and, with a 90% probability hold a price between $37.45 and $48.85 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
CVS Signals & Forecast
The CVS Health stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock. On further gains, the stock will meet resistance from the short-term Moving Average at approximately $61.04. On a fall, the stock will find some support from the long-term average at approximately $58.43. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sell signal. A buy signal was issued from a pivot bottom point on Tuesday, May 28, 2024, and so far it has risen 13.05%. Further rise is indicated until a new top pivot has been found. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for CVS Health stock
On the downside, the stock finds support just below today's level from accumulated volume at $56.31 and $55.90. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, CVS Health finds support just below today's level at $56.31. If this is broken, then the next support from accumulated volume will be at $55.90 and $55.15.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.18 between high and low, or 1.97%. For the last week, the stock has had daily average volatility of 1.85%.
Our recommended stop-loss: $58.51 (-3.50%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 61 days ago.)
Trading Expectations (CVS) For The Upcoming Trading Day Of Thursday 27th
For the upcoming trading day on Thursday, 27th we expect CVS Health Corporation to open at $60.45, and during the day (based on 14 day Average True Range), to move between $59.17 and $62.09, which gives a possible trading interval of +/-$1.46 (+/-2.41%) up or down from last closing price. If CVS Health Corporation takes out the full calculated possible swing range there will be an estimated 4.82% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $61.03 (0.66%) than the support at $56.31 (7.13%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is CVS Health Corporation stock A Buy?
CVS Health holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Current score: 0.547 Hold/Accumulate Unchanged
Predicted Opening Price for CVS Health Corporation of Thursday, June 27, 2024
| Fair opening price June 27, 2024 | Current price |
|---|---|
| $60.45 ( 0.297%) | $60.63 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CVS
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 61.63 | 1.65% |
| R2 | 61.18 | 0.91% |
| R1 | 60.90 | 0.447% |
| Price | 60.63 | |
| S1 | 60.00 | -1.04% |
| S2 | 59.72 | -1.50% |
| S3 | 59.27 | -2.24% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 73.82 | 21.75% |
| R2 | 61.37 | 1.22% |
| R1 | 61.03 | 0.660% |
| Price | 60.63 | |
| S1 | 56.31 | -7.13% |
| S2 | 55.90 | -7.80% |
| S3 | 55.15 | -9.04% |
CVS Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 21, 2024 | Apr 19, 2024 | May 01, 2024 | $0.665 | 1.18% |
| 2 | Dec 05, 2023 | Jan 19, 2024 | Feb 01, 2024 | $0.665 | 0.90% |
| 3 | Sep 21, 2023 | Oct 19, 2023 | Nov 01, 2023 | $0.610 | 0.89% |
| 4 | Jul 07, 2023 | Jul 20, 2023 | Aug 01, 2023 | $0.605 | 0.82% |
| 5 | Mar 16, 2023 | Apr 20, 2023 | May 01, 2023 | $0.605 | 0.82% |
FAQ
Click here for our free guide on how to buy CVS Health Stock.
