April 8 Chart of the Day - CVS
Highly precise price action technical analysis offers the strongest trading edges and the most opportunities across the markets, making it the foundation of our reviews.
CVS Health (CVS) has named Brian Newman as its incoming CFO, effective April 21, 2025. The stock traded up about 5% earlier today, bringing its gains to more than 50% since January.
While that may seem impressive, it’s worth noting that prior to this recent rally, shares had plunged over 60% in the past two years.
Consistent profitable investing and/or trading requires a structured, rules-based approach to price action analysis. Proven processes, disciplined risk-reward management, and precise execution create the foundation for long-term success.
When combined with powerful mental performance strategies, this method becomes the ultimate blueprint for thriving in any market, on any time frame.
As requested, this analysis will take a price action technical analysis approach to assess key levels and potential next moves for the stock.
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Monthly Chart
On the monthly chart we can see that after reaching an all-time high of $113.65 in 2015, the stock experienced a sharp decline to around $52.
It then staged a strong rebound, climbing back to retest the all-time high zone. However, this second attempt was met with strong resistance, leading to another steep drop - this time falling even further, down to the $45 range.
Price recently rebounded to the $70 area, making an attempt to break its long-term downtrend sparking hopes among investors that it may eventually revisit the all-time high zone.
While these are technically valid price action cycles, they remain largely out of favor with investors.
Weekly Chart
On the weekly chart we can see with much more clarity the volatile up and down cycles.
Price could face a significant challenge in the form of potential overhead resistance in the $75 to $85 range.
Nonetheless, it’s evident that for over ten years, price consistently formed lower highs and lower lows - signaling a downtrend.
One thing is certain in the markets: price moves in cycles. It rises and falls across all time frames and charts, and never travels in a straight line.
Only time will tell for sure what price will do next...
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
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