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Fan Yang

CVS Health Corp. (CVS) Continues to Rally From Price Bottom

In early August, I noted that $CVS was showing signs of life as it completed a price bottom and showed signs that bulls were taking control.

CVS Health Corp. (CVS) Continues to Show Life with a Price Bottom Confirmation

CVS Daily Chart

(click to enlarge)

Bullish Reversal vs. Resistance:
- As we can see on the daily chart, price has been extending the breakout since August. 
- However, we should note that price is now challenging a previous support area. 
- So far it has continued to push, but I suspect that the $64-$65 area will provide resistance.
- We are already seeing a bearish divergence, which is a sign that the rally is slowing down. 
- The next resistance after that would be $70. I would limit any aggressive bullish outlook to $70 at the moment. 
- Note that CVS has been in a long-term bearish trend since 2015. 
- Thus, I would limit the bullish outlook to the short-term.

CVS Weekly Chart

(click to enlarge)

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