Cardinal Health Inc Stock Forecast
Cardinal Health Inc stock downgraded from Buy Candidate to Hold/Accumulate after Tuesday trading session.
(Updated on Apr 30, 2024)
The Cardinal Health Inc stock price gained 0.126% on the last trading day (Tuesday, 30th Apr 2024), rising from $102.91 to $103.04. During the last trading day the stock fluctuated 0.94% from a day low at $102.38 to a day high of $103.34. The price has been going up and down for this period, and there has been a -3.85% loss for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 577 thousand more shares were traded than the day before. In total, 2 million shares were bought and sold for approximately $219.92 million.
The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $102.70 will give a strong sell signal and a trend shift may be expected. Given the current horizontal trend, you can expect Cardinal Health Inc stock with a 90% probability to be traded between $102.66 and $115.56 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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CAH Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 0.204%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Cardinal Health Inc stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at $103.24 and $108.62. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
A buy signal from a double bottom formation was found on Monday, April 22, 2024 and based on theory for this formation the price should go up by 21.55% to $125.24 within 50 trading days since signal was issued (Wednesday, May 01, 2024).
Support, Risk & Stop-loss for Cardinal Health Inc stock
Cardinal Health Inc finds support from accumulated volume at $102.91 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $0.97 between high and low, or 0.94%. For the last week, the stock has had daily average volatility of 1.23%.
Our recommended stop-loss: $96.59 (-6.26%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 6 days ago.)
Trading Expectations (CAH) For The Upcoming Trading Day Of Wednesday 1st
For the upcoming trading day on Wednesday, 1st we expect Cardinal Health Inc to open at $102.92, and during the day (based on 14 day Average True Range), to move between $101.04 and $105.04, which gives a possible trading interval of +/-$2.00 (+/-1.94%) up or down from last closing price. If Cardinal Health Inc takes out the full calculated possible swing range there will be an estimated 3.89% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $102.91 (0.13%) than the resistance at $105.10 (2.00%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
Cardinal Health Inc will release earnings BMO on Thursday, May 02, 2024.The consensus among the analysts for the expected earnings (EPS) is $1.95. We will update the financials statements for Cardinal Health Inc, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 5.60% in the first trading day after earnings release.
Is Cardinal Health Inc stock A Buy?
Cardinal Health Inc holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.897 Hold/Accumulate Downgraded
Predicted Opening Price for Cardinal Health Inc of Wednesday, May 1, 2024
| Fair opening price May 1, 2024 | Current price |
|---|---|
| $102.92 ( 0.118%) | $103.04 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for CAH
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 103.88 | 0.82 % | |
| R2 | 103.51 | 0.461 % | ||
| R1 | 103.29 | 0.240 % | ||
| Current price: | 103.04 | |||
| Support | S1 | 102.55 | -0.476 % | |
| S2 | 102.32 | -0.697 % | ||
| S3 | 101.95 | -1.05 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 111.08 | 7.80 % | |
| R2 | 110.61 | 7.35 % | ||
| R1 | 105.10 | 2.00 % | ||
| Current price | 103.04 | |||
| Support | S1 | 102.91 | -0.126% | |
| S2 | 102.83 | -0.204% | ||
| S3 | 102.73 | -0.301% |
CAH Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Mar 28, 2024 | Mar 28, 2024 | Apr 15, 2024 | $0.501 | 0.468% |
| 2 | Dec 29, 2023 | Dec 29, 2023 | Jan 15, 2024 | $0.501 | 0.473% |
| 3 | Aug 09, 2023 | Oct 02, 2023 | Oct 15, 2023 | $0.500 | 0.536% |
| 4 | May 11, 2023 | Jun 30, 2023 | Jul 15, 2023 | $0.501 | 0.538% |
| 5 | Feb 10, 2023 | Mar 31, 2023 | Apr 15, 2023 | $0.496 | 0.615% |
FAQ
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