Market Rally Strengthens as CAH and TNYA Signal Bullish Setups

Company Overview: Cardinal Health, Inc. (NYSE: CAH) is a healthcare services and products company, which engages in the provision of customized solutions for hospitals, healthcare systems, pharmacies, ambulatory surgery centers, clinical laboratories, and physician offices. Tenaya Therapeutics, Inc. (NASDAQ: TNYA) is a clinical-stage biotechnology company focused on discovering, developing, and delivering potentially curative therapies aimed at addressing the underlying causes of heart disease.

This Report covers the Price Action, Technical Indicators Analysis along with the Target Levels, Stop Loss, Support Levels, Resistance Levels, and Recommendations on these two stocks.

US Markets Round-Up

This week, the Russell 3000 index, an important benchmark of the US stock market across market capitalizations started on a positive note and continue the momentum. The index made a high 4252.50 of during the week and settled at 4243.12 with a week-to-date (WTD) gain of ~0.75 percent on May 14, 2026. Other major indices, such as S&P 500 and NASDAQ Composite, witnessed upside movement for the week. On May 14, 2026, the S&P 500 index settled at ~7501.25 with a WTD gain of ~0.77 percent, while the NASDAQ Composite Index settled at 26635.22 with a WTD gain of ~0.88 percent.  

Having understood the US market performance over the week, taking cues from major global news, and based on technical analysis of the Russell 3000 index for the upcoming week, now let’s have a look at the two US-listed stocks to pick from the technical standpoint. Noted below recommendations are based on the entry price, target prices, and stop-loss for Cardinal Health, Inc. (NYSE: CAH) and Tenaya Therapeutics, Inc. (NASDAQ: TNYA) engages for the next 2-4 weeks duration:

Cardinal Health, Inc. (NYSE: CAH)

Noted below are the key price indicators for the stock:

Price Action Analysis (on the Daily Chart)

Cardinal Health is beginning to show signs of a potential rebound after a steep pullback from around $230 to nearly $183. The stock’s recent 4.31% jump, supported by elevated volume (~3.62M), points to renewed buying interest and raises the possibility of a short-term capitulation low. Momentum is gradually improving, with the RSI at 45.57 climbing out of previously weak levels and leaving room for further upside. Although the price still sits below key resistance levels at the 21-day (~$197.50) and 50-day (~$206.65) moving averages, a sustained move above the $197 zone would be an important signal that bearish pressure is easing. Overall, the combination of strong volume on the bounce and improving momentum suggests a more favourable near-term risk/reward for bulls, with a potential recovery toward the $197–$207 range.

Technical Indicators Analysis (On the Daily Chart)

On the daily chart, the 14-period RSI is turning up from oversold territory, indicating a possible shift toward bullish momentum. Trading volumes are also showing supportive signs, hinting at a potential near-term upward move. However, the price remains below the 21-day and 50-day SMAs, which are likely to serve as immediate resistance levels.

General Recommendation

As per the above-mentioned price action and technical indicators analysis, Cardinal Health, Inc. (NYSE: CAH) is looking technically well-placed on the chart, and a ‘Buy’ recommendation has been given on the stock. Investment decision should be made depending on an individual’s appetite for upside potential, risks, and any previous holdings. This recommendation is purely based on technical analysis, and fundamental analysis has not been considered in this report. The summary of recommendations is as follows:

Tenaya Therapeutics, Inc. (NASDAQ: TNYA)

Noted below are the key price indicators for the stock:

Price Action Analysis (on the Daily Chart)

Tenaya Therapeutics is forming an attractive early-stage bullish setup after an extended period of consolidation. The stock spent months building a base in the $0.60–$0.80 range and has now broken decisively above both the 21-day (~$0.79) and 50-day (~$0.78) moving averages, which are starting to turn upward often a strong signal of a shift from neutral to bullish trend. A recent rally past $1.20 on sharply higher volume (~5.63M) suggests meaningful accumulation, potentially driven by institutional interest or a catalyst. The modest pullback of around 2.5% to $0.94 appears to be a healthy consolidation following the sharp move, with price still holding well above key averages. Momentum remains supportive, with RSI at 62.81 indicating solid strength while still leaving room before overbought levels. Overall, the combination of a well-defined base, moving average breakout, strong volume confirmation, and improving momentum points to a classic breakout structure, with $1.20 and the $1.40–$1.50 zone emerging as the next upside levels to watch.

Technical Indicators Analysis (On the daily Chart) 

On the daily chart, the 14-period RSI is currently indicating a possible bullish outlook. Additionally, trading volumes seem to favor an upcoming upward movement. The price is moving above the 21-period and 50-period SMAs, which are expected to serve as near-term support levels.

General Recommendation

As per the above-mentioned price action and technical indicators analysis, Tenaya Therapeutics, Inc. (NASDAQ: TNYA) is looking technically well-placed on the chart, and a ‘Speculative Buy’ recommendation has been given on the stock. Investment decision should be made depending on an individual’s appetite for upside potential, risks, and any previous holdings. This recommendation is purely based on technical analysis, and fundamental analysis has not been considered in this report. The summary of recommendations is as follows:

Upcoming Major Global Economic Events

Market events occur on a day-to-day basis depending on the frequency of the data and generally include an updates CPI, Unemployment Data, etc. Noted below are the upcoming week's major global economic events that could impact the Russell 3000 Index and stocks’ prices:

Related Risks: This report may be looked at from a high-risk perspective and recommendations are provided for a short duration. Recommendations provided in this report are solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.

Note 1: Individuals can consider exiting from the stock if the Target Price or Stop loss mentioned as per the technical analysis has been achieved and subject to the factors discussed above. 

Note 2: How to Read the Charts?

The Green colour line reflects the 21-period moving average while the red line indicates the 50- period moving average. SMA helps to identify existing price trends. If the prices are trading above the 21-period and 50-period moving average, then it shows prices are currently trading in a bullish trend.

The Black colour line in the chart's lower segment reflects the Relative Strength Index (14-Period) which indicates price momentum and signals momentum in trend. A reading of 70 or above suggests overbought status, while a reading of 30 or below suggests an oversold status.

The Blue colour bars in the chart’s lower segment show the volume of the stock. The volume is the number of shares that changed hands during a given day. Stocks with high volumes are more liquid than stocks with lesser volume as liquidity in stocks helps in easier and faster execution of the order.

The Orange colour lines are the trend lines drawn by connecting two or more price points and used for trend identification purposes. The trend line also acts as a line of support and resistance.

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock, and if the price breaches the level, then Support 2 may act as the crucial support level for the stock. 

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock, and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices. 

Risk Reward Ratio: Risk reward ratio is the difference between an entry point to a stop loss and profit level. This report is based on ~60% Stop Loss of the Target 1 from the entry point.

A trailing stop-loss is a modification of stop-loss in case of favourable movement in the price to protect the gains. Individuals can Trail the Stop-Loss as per the aforementioned levels if the stock price achieves more than 50% of the Target 1. Individuals should consider exiting from the position as per the Trailing Stop-Loss level if the price starts moving downwards after achieving more than 50% of the Target 1. 

The reference date for all price data, currency, technical indicators, support, and resistance levels May 14, 2026. The reference data in this report has been partly sourced from REFINITIV.

Abbreviations

CMP: Current Market Price

SMA: Simple Moving Average

RSI: Relative Strength Index

USD: United States dollar 

Note: Trading decisions require a thorough analysis by individuals. Technical reports in general chart out metrics that may be assessed by individuals before any stock evaluation. The above are illustrative analytical factors used for evaluating the stocks; other parameters can be looked at along with additional risks per se. Past performance is neither an indicator nor a guarantee of future performance.