Shares of Cardinal Health (NYSE:CAH) kept falling Thursday after the company reported poor earnings and guidance. Down almost 20%, investors are fleeing the name in panic and when that hits a stock, smart traders always look to the charts to find the key buy level.
Buy Target
In the case of Cardinal Health, there's a major multi-factor PPT buy level at $46.90. Once there, investors should expect a strong bounce higher to back over $50.