CVS breaks pivot high but with a bearish bar
CVS has been trending well throughout 2013 and 2014 although there have been a couple of deep pullbacks in this time.
Since the deep February 2014 pullback the trend has been good but not great. A wide stop would've kept you in the trade but there have been more linear trends in play which would be less stressful to manage.
So saying, CVS has continued to make higher highs on a consistent basis. Yesterday's bar broke out on higher volume (against over market sentiment). Unfortunately the bar ended the session fairly bearish and did not clear the pivot high enough to inspire confidence for a further push up today. With price almost tipping $95 we're not far short of $100 (a psychological resistance) so it may be difficult to get into this stock even if price does continue it's upward move.
Since the deep February 2014 pullback the trend has been good but not great. A wide stop would've kept you in the trade but there have been more linear trends in play which would be less stressful to manage.
So saying, CVS has continued to make higher highs on a consistent basis. Yesterday's bar broke out on higher volume (against over market sentiment). Unfortunately the bar ended the session fairly bearish and did not clear the pivot high enough to inspire confidence for a further push up today. With price almost tipping $95 we're not far short of $100 (a psychological resistance) so it may be difficult to get into this stock even if price does continue it's upward move.
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