Cardinal Health Inc Stock Forecast
Stronger technical forecast for Cardinal Health Inc stock price after Tuesday trading.
(Updated on Apr 23, 2024)
The Cardinal Health Inc stock price gained 0.525% on the last trading day (Tuesday, 23rd Apr 2024), rising from $102.83 to $103.37. During the last trading day the stock fluctuated 2.13% from a day low at $101.59 to a day high of $103.75. The price has fallen in 6 of the last 10 days and is down by -4.35% for this period. Volume fell on the last day by -3 million shares and in total, 2 million shares were bought and sold for approximately $246.36 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 in the lower part of a wide and weak rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at $102.89 is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 3.18% during the next 3 months and, with a 90% probability hold a price between $106.16 and $121.04 at the end of this 3-month period.
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CAH Signals & Forecast
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 $105.87 and $110.09. 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). Some positive signals were issued as well, and these may have some influence on the near short-term development. A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 0.525%. 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.
Support, Risk & Stop-loss for Cardinal Health Inc stock
Cardinal Health Inc finds support from accumulated volume at $102.83 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
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 $2.16 (2.13%) between high and low. For the last week, the stock has had daily average volatility of 2.16%.
Our recommended stop-loss: $97.44 (-5.74%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 1 day ago.)
Trading Expectations (CAH) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Cardinal Health Inc to open at $102.90, and during the day (based on 14 day Average True Range), to move between $101.04 and $105.70, which gives a possible trading interval of +/-$2.33 (+/-2.26%) up or down from last closing price. If Cardinal Health Inc takes out the full calculated possible swing range there will be an estimated 4.51% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $102.83 (0.52%) than the resistance at $105.10 (1.67%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Cardinal Health Inc stock A Buy?
Several of the signals/indicators are negative, and we believe that this will affect on the development for the next days and maybe possible weeks. However, over time, we think that today's level holds a possible buying opportunity and that the price will be higher during or at the end of this 3-month period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Sell to a Buy candidate.
Current score: 2.720 Buy Candidate Upgraded
Predicted Opening Price for Cardinal Health Inc of Wednesday, April 24, 2024
| Fair opening price April 24, 2024 | Current price |
|---|---|
| $102.90 ( 0.452%) | $103.37 |
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 | 105.06 | 1.64 % | |
| R2 | 104.24 | 0.84 % | ||
| R1 | 103.73 | 0.347 % | ||
| Current price: | 103.37 | |||
| Support | S1 | 102.08 | -1.25 % | |
| S2 | 101.57 | -1.74 % | ||
| S3 | 100.74 | -2.54 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 111.08 | 7.46 % | |
| R2 | 110.61 | 7.00 % | ||
| R1 | 105.10 | 1.67 % | ||
| Current price | 103.37 | |||
| Support | S1 | 102.83 | -0.522% | |
| S2 | 102.73 | -0.619% | ||
| 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
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