Freedom Capital Markets Chief Market Strategist Jay Woods sees $82 to $86 as a support range for CVS Health Corp. shares after assessing that the stock moved past a short-term downtrend.
Woods based the support range on a one-year daily chart. His five-year weekly view puts $110 as a possible resistance test if CVS shares continue rising.
Woods put the health care sector’s gain for the year through Oct. 20 at 15%. He also viewed health care as relatively strong over the previous three months.
In earlier coverage of a weekly health care sector gain, EconoTimes reported that CVS shares rose 7.2% during a week when the S&P 500 health care sector gained 3%. CVS was among the sector’s leading stocks in that report.
