A 52 Week High for CVS Caremark, will it Hold?

Published on Thursday, 19 January 2012 11:34 Written by Christopher Lynn

New York, January 19th (TradersHuddle.com) - Shares of CVS Caremark Corporation (NYSE:CVS) booked a new 52 week high today by trading above $43.11, traders are definitely monitoring CVS' price action to see if this move attracts further buying into the stock.

CVS Caremark Corporation (NYSE:CVS) is a pharmacy services company that operates a chain of drugstores located throughout the United States. The stores offer a wide range of branded and generic drugs, as well as household goods. The Pharmacy Service segment provides a range of prescription benefit management services, including mail order pharmacy services, specialty pharmacy services, plan design and administration, formulary management, and claims processing.

CVS Caremark is currently trading -0.03% versus its previous trading session close, and it has calculated support and resistance at $36.44 and $42.40 respectively. Clearly with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range

The overall market index S&P 500 is trading higher by 0.49% from its previous trading close, which means that CVS Caremark stock is underperforming the overall market.