Technical Analysis: Cardinal Health Rises 2.61% on Heavy Volume

Cardinal Health (NYSE:CAH) traded in a range yesterday that spanned from a low of $34.62 to a high of $35.80. Yesterday, the shares gained 2.61%, which took the trading range above the 3-day high of $35.79 on volume of 4.9 million shares.

Shares of Cardinal Health are currently trading above their 50-day moving average (MA) of $35.46 and above their 200-day MA of $30.66. Look for these MAs to provide support for a short-term pullback in the shares.

SmarTrend is bullish on shares of Cardinal Health and our subscribers were alerted to Buy on July 29, 2009 at $24.18. The stock has risen 48% since the alert was issued.

SmarTrend has the shares in an Uptrend and expects the share price to pullback toward the $35.78 support level. Afterwards, we expect it to move upward with its peers in the SmarTrend Pharmacy Services industry.

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