CVS is shaping up to be a nice short trade for a couple of reasons:
First, CVS broke trendline support, the $100 area, and four major moving averages (9SMA(purple), 21SMA(blue), 50SMA(yellow), 200SMA(orange)
Second is the because it is forming a clean breakdown pattern with an achievable & worth while reward to risk
Last is because CVS is a down trending stock after failing to make new highs in August and not even holding minor price support at 98
A trailing stop strategy and a firm target near 91 is recommended as there are areas of minor support along the way
First, CVS broke trendline support, the $100 area, and four major moving averages (9SMA(purple), 21SMA(blue), 50SMA(yellow), 200SMA(orange)
Second is the because it is forming a clean breakdown pattern with an achievable & worth while reward to risk
Last is because CVS is a down trending stock after failing to make new highs in August and not even holding minor price support at 98
A trailing stop strategy and a firm target near 91 is recommended as there are areas of minor support along the way