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CVS Caremark Corp. declined from the high of $44.29 (U.S.) to $23.19 in 2008 (A- B) and then traded below about $39 for three years (dashed line). In December, 2011, the stock started an extremely sharp rise to signal a breakout and the start of a new major up-trend and reached a high of $46.22 (C). The price action (below $39) from 2009 to 2011 supports significantly higher targets. Although a pullback toward $40-$41 is quite likely, only a sustained decline below $39-$40 would be negative. Point & Figure measurements provide an initial target of $54.

Monica Rizk is the senior technical analyst for Phases & Cycles Inc. Ron Meisels is a contributor to the www.NA-marketletter.com website. They may hold shares in companies profiled. Please see the site for a glossary.

Chart source: www.decisionplus.com

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Infographic: Bullish on CVS Caremark

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About the Authors
Senior Technical Analyst at Phases & Cycles Inc.

Monica Rizk, Senior Technical Analyst, has a Bachelor's degree in Business Administration and completed the Canadian Securities Institute course. She has been with Phases & Cycles since September 2000 and specializes in the research of Canadian and US stocks using Point & Figure as well as bar chart analysis. More

President of Phases & Cycles Inc.

Ron Meisels, President, Phases & Cycles Inc., has been active as an Analyst since 1971. He was Vice President and Director of Technical Research of Nesbitt Thomson (now BMO Nesbitt Burns) from 1982 to 1990. He was ranked among the top three technical analysts by Canadian Institutions for six consecutive years (Brendan Wood Survey). More

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