Cardinal Health Inc Stock Forecast
Cardinal Health Inc stock downgraded from Hold/Accumulate to Sell Candidate after Friday trading session.
(Updated on May 03, 2024)
The Cardinal Health Inc stock price fell by -3.95% on the last day (Friday, 3rd May 2024) from $102.98 to $98.91. During the last trading day the stock fluctuated 4.09% from a day low at $98.24 to a day high of $102.26. The price has been going up and down for this period, and there has been a -8.58% loss for the last 2 weeks. Volume has increased on the last day by 293 thousand shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 3 million shares were bought and sold for approximately $327.37 million.
Given the current short-term trend, the stock is expected to fall -2.24% during the next 3 months and, with a 90% probability hold a price between $96.70 and $111.51 at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
CAH Signals & Forecast
There are few to no technical positive signals at the moment. 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 $102.43 and $107.69. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Tuesday, March 12, 2024, and so far it has fallen -14.45%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.
Support, Risk & Stop-loss for Cardinal Health Inc stock
There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $4.02 (4.09%) between high and low. For the last week, the stock has had daily average volatility of 3.14%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CAH) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect Cardinal Health Inc to open at $99.80, and during the day (based on 14 day Average True Range), to move between $96.38 and $101.44, which gives a possible trading interval of +/-$2.53 (+/-2.56%) up or down from last closing price. If Cardinal Health Inc takes out the full calculated possible swing range there will be an estimated 5.11% move between the lowest and the highest trading price during the day.
With no support below and resistance from accumulated volume @ $102.83, some $3.92 (3.96%) from the current price of $98.91, our system finds the risk reward not very attractive.
Is Cardinal Health Inc stock A Buy?
Cardinal Health Inc holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -3.863 Sell Candidate Downgraded
Predicted Opening Price for Cardinal Health Inc of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $99.80 ( 0.90%) | $98.91 |
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 | 103.82 | 4.97 % | |
| R2 | 102.29 | 3.41 % | ||
| R1 | 101.34 | 2.46 % | ||
| Current price: | 98.91 | |||
| Support | S1 | 98.27 | -0.649 % | |
| S2 | 97.32 | -1.61 % | ||
| S3 | 95.78 | -3.16 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 111.08 | 12.30 % | |
| R2 | 110.61 | 11.83 % | ||
| R1 | 102.83 | 3.96 % | ||
| Current price | 98.91 | |||
| Support | S1 | 0 | . | |
| S2 | 0 | . | ||
| S3 | 0 | . |
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
Click here for our free guide on how to buy Cardinal Health Inc Stock.
