CVS Health Corp. $CVS has been consolidating since late 2016. As the daily chart will show, price did push below that 2016 low in Nov. 2017, but the overall price action has been sideways.CVS Daily Chart(click to enlarge)False Breakout?- That dip in November 2017 into a new low did not continue the bearish trend.- Instead price rebounded quickly. This doesn't look like a dead cat bounce any more as price came all the way up to the range resistance area.- A false bearish breakout is a signal for a bullish breakout (whether the subsequent breakout is true is a different story). - I think CVS price action is building a case that bulls are taking over.- This week, price retreated after testing the resistance, but let's see what happens if price retreats to 76.- This 74-76 area is the middle of the range, and is also where the 200-, 100-, and 50-day simple moving averages are. A hold above these factors would be a strong bullish signal.- Another potential bullish signal would be the RSI holding above 40 (forgiving a brief violation). This would mean that the bullish momentum built since November is still intact. - A break below 74 with the RSI below 40 on the other hand does not bode well for the bullish scenario. - In the bullish breakout scenario, if price pushes above 84, we can anticipate a run towards 100 as well as resistance around 100.