CVS Following Our Technical Prescription
by Mike Paulenoff
November 7, 2021 • 4:55 PM EST
Early on October 15, when CVS Health Corporation (CVS) was trading at 85.92, Mike Paulenoff highlighted upside opportunity for MPTrader members, writing:
"For the past 5 months, CVS has gone pretty much nowhere after hitting a new 6 year high at 90.61 on 5/25/21. It is precisely because CVS has traversed a sideways price path since late May that makes my work interpret the CVS technical setup as extremely promising for a run above 90.61 towards 100, and possibly 108-110 in the upcoming weeks and months."
Mike again wrote positively about the stock on October 20, when it was trading at 86.45, commenting:
"If my intermediate-term technical work is telling us anything about CVS, it is saying, 'watch me rocket above 90 towards a 100+ target!' Only a failure to hurdle 87 followed by a decline beneath 82 will compromise the developing anticipated thrust to the upside."
CVS began climbing on October 26, taking out key resistance at its prior failed rally peak at 87.80, The stock continued to strengthen right into last week's earnings report on November 3, when the company beat the Street's estimates on earnings, revenues, and guidance, propelling the stock to 96.57, its highest price in over five years.
At that high, CVS was 12.4% above its price at Mike's initial alert.
What's next for CVS? The strength of the consumer and another round of Covid-19 (booster) shots tie into the strength of CVS, which according to Mike's technical setup work has unfinished business on the upside as it heads towards 100-102 next. But will there be a period of rest-digestion first?
Join Mike and our MPTrader members for ongoing intraday discussions about CVS, as well as many other stocks, macro indices, ETFs, cryptocurrencies, and commodities.
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