Here’s The Next Major Cardinal Health (CAH) Trade Level

Leading health care services and products maker, Cardinal Health Inc (CAH), sold off sharply last week after reporting earnings. The decline came after the company reported earnings and guided FY22 EPS below consensus. On July 30th, 2021 Cardinal Health Inc (CAH) stock was trading as high as $60.38 a share. Since that peak in the shares the stock has fallen by nearly $10.00 and currently trades around $50.40 a share. The stock has cut below its important 50 and 200-week moving averages like a hot knife through butter. This puts the stock in a very weak technical position on the charts and likely indicates further downside. 

The next major support level for Cardinal Health Inc (CAH) stock will be around the $46.00 level. This key support area is where the stock broke out to the upside in early November 2020. There is also a major retrace level in this vicinity adding strength to the support area. This is a level where I would get interested in a long side trade Cardinal Health Inc (CAH) stock.  

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