CVS Health Stock Forecast
Stronger technical forecast for CVS Health stock price after Friday trading.
(Updated on May 24, 2024)
The CVS Health stock price fell by -0.198% on the last day (Friday, 24th May 2024) from $55.65 to $55.54. During the last trading day the stock fluctuated 2.38% from a day low at $55.53 to a day high of $56.85. The price has been going up and down for this period, and there has been a -0.5% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -7 million shares and in total, 12 million shares were bought and sold for approximately $645.98 million.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -28.59% during the next 3 months and, with a 90% probability hold a price between $35.74 and $45.53 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.
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CVS Signals & Forecast
There are mixed signals in the stock today. The CVS Health 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 $56.94 and $62.61. A break-up above any of these levels will issue buy signals. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements. A buy signal was issued from a pivot bottom point on Wednesday, May 08, 2024, and so far it has risen 1.15%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for CVS Health stock
CVS Health finds support from accumulated volume at $55.15 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $1.32 between high and low, or 2.38%. For the last week, the stock has had daily average volatility of 2.63%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (CVS) For The Upcoming Trading Day Of Tuesday 28th
For the upcoming trading day on Tuesday, 28th we expect CVS Health Corporation to open at $55.97, and during the day (based on 14 day Average True Range), to move between $53.87 and $57.21, which gives a possible trading interval of +/-$1.67 (+/-3.01%) up or down from last closing price. If CVS Health Corporation takes out the full calculated possible swing range there will be an estimated 6.02% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $55.65 (0.20%) than the support at $55.15 (0.70%), 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 negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.
Current score: -3.673 Sell Candidate Upgraded
Predicted Opening Price for CVS Health Corporation of Tuesday, May 28, 2024
| Fair opening price May 28, 2024 | Current price |
|---|---|
| $55.97 ( 0.780%) | $55.54 |
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 | |||
|---|---|---|---|---|
| Resistance | R3 | 57.29 | 3.16 % | |
| R2 | 56.79 | 2.25 % | ||
| R1 | 56.48 | 1.69 % | ||
| Current price: | 55.54 | |||
| Support | S1 | 55.47 | -0.128 % | |
| S2 | 55.16 | -0.689 % | ||
| S3 | 54.65 | -1.60 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 56.31 | 1.39 % | |
| R2 | 55.90 | 0.648 % | ||
| R1 | 55.65 | 0.198 % | ||
| Current price | 55.54 | |||
| Support | S1 | 55.15 | -0.702% | |
| S2 | 54.91 | -1.13% | ||
| S3 | 0 | . |
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
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