Is the Worst Over for CVS Health Stock?

CVS shed more than 16% in the last 12 months

Digital Content Manager
Jan 29, 2024 at 3:49 PM
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CVS Health Corp (NYSE:CVS) stock was last seen up 0.6% at $73.40, extending a bounce off the $70 level. While the security carries a 16.9% year-over-year deficit and last week fell under its 50-day moving average for the first time since December, there's indication this underperformance could soon be a thing of the past. CVS Health stock's most recent pullback placed it within a trendline with historically bullish implications.
 
Specifically, CVS is within one standard deviation of its 80-day trendline. Per data from Schaeffer's Senior Quantitative Analyst Rocky White, the security saw no fewer than five similar signals in the last three years, defined for this study as having traded north of this moving average 80% of the time during the last two months, and in eight of the past 10 trading days.

CVS 60 80 Day

CVS was higher one month later in 80% of those instances, with an average 3.9% gain. A move of similar magnitude from its current perch would place the security back above $76.
 
Over at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), the security's 10-day call/put volume ratio sits in the 80th percentile of its annual range. This means an unwinding of pessimism could boost CVS.
 

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