Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>CVS stock price (NYSE: CVS) fell 8% in a single day.</a> </li> 
 <li> <span>2</span> <a>The shares of CVS Health Corp hit a 52-week low.</a> </li> 
 <li> <span>3</span> <a>CVS Health stock price drops below the 50-day EMA showcase downtrend.</a> </li> 
</ul> 
<p>CVS stock price (NYSE: CVS) fell 8% approx in the previous session. It formed a bearish pattern and eroded the gains of the past two months.&nbsp;</p> 
<p>CVS witnessed a massive sell-off which hurt the sentiment of long-term investors. It fell with a strong selling volume and prices hit a 52-week low.&nbsp;</p> 
<p>The sudden fall in the CVS Health stock indicates some genuine investors might have taken exit due to fear of losses.&nbsp;</p> 
<p>CVS share price trading below the 200-day EMA showcasing positional trend is in a downward direction. In the recent sell-off prices slipped below the 50-day EMA which also turned the short-term trend down.&nbsp;</p> 
<p>In the mid of June, CVS<a href="https://www.thecoinrepublic.com/2023/07/17/cvs-health-price-prediction-will-cvs-stock-price-jump-80-mark/" rel="noopener noreferrer nofollow"> price</a> took support near $66.00 and showed a minor bounce. Later, slow and steady prices recovered and created hope for a bullish trend reversal.&nbsp;</p> 
<p>During the recovery, quarterly earnings were also released which positively impacted the stock. However, the bullish momentum halted near $77.00 buyers failed to give the follow-up momentum.&nbsp;</p> 
<p>CVS stock price closed the previous session at $66.80 with an intraday decline of -8.14. The market capitalization stands at $85.80 Billion.</p> 
<h2 class="wp-block-heading" id="strong-will-cvs-stock-price-decline-further-strong"><strong>Will CVS Stock Price Decline Further?</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter"> 
  <img decoding="async" src="https://lh3.googleusercontent.com/lknDqHaKj9-iFPi6dV0tPZ_C8CQIcFDVYKWQONIVYJTe7M5fIpX-WHGMBEQ6w6iAqfrdlBFRv_rvWIdNopSIGOKvKNjmQDlJI_IAYyrN4k_OayoKA_Z_EUynXQl-km62nFg-hvtzh4grL9Rm8eusooI" alt="CVS Stock Price Fell 8%; CVS Health Stock Hit 52-Week Low"> 
  <figcaption class="wp-element-caption">
    NYSE: CVS daily chart by <a href="https://www.tradingview.com/x/gcIvtscN/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>CVS share price (NYSE: CVS) is in a correction phase and no signs of recovery are visible.&nbsp;</p> 
<p>In previous earnings, CVS Health Corp. reported a positive EPS of 2.21 and revenue of $88.921. It beat the EPS estimate by 4.43% and the revenue estimate by 2.91%.&nbsp;</p> 
<p>CVS stock shot up 3.33% in a single day and attempted to break the $77.00 hurdle. However, that up move was a bull trap and prices again reverted down. The technical analysis suggests, the <a href="https://www.thecoinrepublic.com/2023/07/17/cvs-health-price-prediction-will-cvs-stock-price-jump-80-mark/" rel="noopener noreferrer nofollow">stock</a> is near the demand zone and the downfall might take a halt.</p> 
<h3 class="wp-block-heading" id="strong-cvs-health-stock-turned-bearish-strong"><strong>CVS Health Stock Turned Bearish</strong></h3>  
<div class="tradingview-widget-container">
  &nbsp;&nbsp; 
 <div id="tradingview_ce965"></div> &nbsp;&nbsp; 
 <div class="tradingview-widget-copyright"> <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow" target="_blank"><span class="blue-text">Track all markets on TradingView</span></a> 
 </div> &nbsp;&nbsp; 
 <script type="text/javascript" src="https://s3.tradingview.com/tv.js"></script> &nbsp;&nbsp; 
 <script type="text/javascript">

  new TradingView.widget(

  {

  "width": 950,

  "height": 500,

  "symbol": "NYSE:CVS",

  "interval": "D",

  "timezone": "Etc/UTC",

  "theme": "dark",

  "style": "1",

  "locale": "en",

  "enable_publishing": true,

  "allow_symbol_change": true,

  "studies": [

    "STD;Supertrend"

  ],

  "container_id": "tradingview_ce965"

}

  );

  </script> 
</div>  
<p>CVS Health’s stock price turned bearish on the daily and weekly time frame. The broader market index SPX and Nasdaq 100 is also reversing. If it continues to decline then it might negatively impact the prices of other stocks.&nbsp;</p> 
<p>The MACD curve displays a negative crossover and drops below the zero line. It indicates the strength of bears. Whereas, the RSI at 30 is near the oversold territory due to which short-term pullback is possible.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>CVS stock price fell 8.00% and erodes the gains generated in the past 2 months. The technical analysis suggests CVS share looks oversold, so downfall may take a halt and consolidation might begin.</p> 
<h5 class="wp-block-heading"><strong>Technical levels</strong></h5> 
<ul> 
 <li>Resistance levels: $70.00 and $73.00</li> 
 <li>Support levels: $62.00 and $60.00</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

CVS Stock Price Fell 8%; CVS Health Stock Hit 52-Week Low

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Thecoinrepublic.com

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