Get started
autemox

CVS long following bottoming out, monthly bullish divergence

Long
CVS Health Corporation (NYSE:CVS)  
autemox Updated   
NYSE:CVS   CVS Health Corporation
Trend Analysis CVS Bullish Divergence bulldiv Descending Triangle Relative Strength Index (RSI) riskreward
1
0
trendanalysis cvs bullishdivergence bulldiv descendingtriangle relativestrengthindex riskreward
CVS has formed a descending triangle and daily appears to be closing above the upper triangle (break out). We have a monthly bull div on the RSI. A forming daily wedge will provide good stop for our trade. R:R lies in longing at break out confirmation.
Trade active:
Entry @ 65.985 friday
Comment:
we touched down on dynlevel (70.05) and daily volume profile node (70.05), failed to make the higher high (71.07). TP could have been set lower but I wanted to put my stop loss at the daily wedge so I stand by my original TP level and we will just have to wait and see how this plays out.
Comment:
Moved up past the only major resistance before our take profit. Very satisfied with that. Sell order placed @ 79.02
Comment:
weak bear div on the daily rsi here but not at a major resistance level and the bear div is not clear. Not worth TP early.
Comment:
We are now at support: throwback and daily volume profile. Seeing a move up here would be very good sign. Coming off a rsi bear div from 6/21 an early TP would be best at 71.20 (top of daily volume profile node), but have not decided if we want to TP early yet.
Comment:
8% gap down on open today following news that Amazon (Whole Foods) entering the online pharmacy market.
Comment:
snapshot
We got a bit of a touch down on the downward trend and a big gap left so our trade still looks good to hold even though we are in the red. Never great when bad news comes out against your technical trade :p
Comment:
In retrospect daily bear div could have been a great place to close this trade
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.