CVS Health Stock Forecast

CVS Health stock upgraded from Strong Sell Candidate to Sell Candidate after Tuesday trading session.
(Updated on May 07, 2024)

CVS Signals & Forecast

A buy signal was issued from a pivot bottom point on Thursday, May 02, 2024, and so far it has risen 1.07%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. 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 $59.18 and $70.44. 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). 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 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 $1.51 between high and low, or 2.72%. For the last week, the stock has had daily average volatility of 3.62%.

CVS Health is oversold on RSI14 (14). Some stocks may fall long and hard while being oversold on RSI, but stocks that are heavily oversold on RSI often pose good re-bounce chance and played well it can be a buy candidate.

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 Wednesday 8th

For the upcoming trading day on Wednesday, 8th we expect CVS Health Corporation to open at $56.14, and during the day (based on 14 day Average True Range), to move between $53.59 and $57.89, which gives a possible trading interval of +/-$2.15 (+/-3.85%) up or down from last closing price. If CVS Health Corporation takes out the full calculated possible swing range there will be an estimated 7.71% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at $55.90 (0.29%) than the support at $55.15 (1.06%), 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 is within a very 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. We have upgraded our analysis conclusion for this stock since the last evaluation from a Strong Sell to a Sell candidate.

Current score: -3.333 Sell Candidate Upgraded

Predicted Opening Price for CVS Health Corporation of Wednesday, May 8, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.