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Cardinal Health Is Falling, Here’s The Trade

Leading healthcare services and products company, Cardinal Health Inc (CAH), is declining again this morning. The stock has really been under pressure since reporting earnings on August 6th, 2020. Prior to that earnings report the stock traded as high as $58.34 a share. Today, CAH stock is trading around $49.10 a share. The stock is now trading below its important 50 and 200-day moving averages. This puts the stock in a weak technical position on the charts and signals further downside in the near term.

Traders should now watch the $46.50 area for daily chart support. This level is where the stock was defended back on May 14th, 2020. It is also an important daily chart retrace level which should add to the support strength when tested. This is a level where the institutional crowd will likely defend the stock in the near term. I’ll be waiting to trade CAH on the long side around the $46.50 area.

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