Dow drops once again #30 (CVS)Technical Concept: Support broken becomes Resistance (Red Arrows= Resistance) (Blue Arrows= Support)
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CVS trade ideas
CVS, waiting for the breakoutThe stock is moving in a sideways parallel channel started at the beginning of 2017. This movement can be a redistribution or an accumulation phase, it depends if it breaks lower or higher. If the price breaks lower the minimum target is around 70 and if it breaks higher the minimum target is around 88. The breakout must be confirmed by very high volume to avoid fakeouts or pullbacks.
The informations and the strategies discussed are NOT recommendation to buy, sell or trade any securities. They are strictly for educational and illustrative purposes.
CVS set up for a couple of nice opportunities!So CVS looks to be in a pretty nice channel and trading pretty nicely inside it. I think two things could happen. 1, it could breakout of the channel in which I would buy in after the retest or 2, it could trade back down to support which I would buy at a really nice discount. Two entries on the chart, lets see what happens. It could also keep trading in this channel which wouldnt be all that bad because some serious pressure would be building up for a pretty nice pop bearish or bullish. Lets keep an eye on this one!
CVS Continues to Head Lower, Walgreens Remains in a Wedge $CVS $CVS ($CVS) Daily: $CVS appears to be on its wave 4 corrective move before starting and completing the final Elliot Wave, shown in this daily chart. Wave 3 retraced back to 0.618 fib level as it was expected, and appears to coil between $75-85 range for the time being. A break below the $75 level would indicate a move to its target of ~$60 price target.
Walgreens ($WBA) doing much better than its competitor, remains in a wedge for the past year and half, perhaps awaiting the outcome of the Rite Aid merger, at this point which remains very shaky. MACD appears to be rolling over a bit here, while RSI both on the weekly and daily proves to be inconclusive. A break below the wedge channel support would almost certainly show a test of the $75 support level, while a break above would probably retest the $97 highs. No reason to get greedy and flip a coin here and guess; being patient here and chasing momentum would prove to be the better course, as technicals do not provide a direction either way at this point in time.