CBS finds buyers at key support level


CBS Corporation Class B (CBS) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team

Highlights

CBS finds buyers at key support level
CBS finds buyers again around 55.41
CBS stuck within tight trading range
CBS closes within previous day's range
CBS ends the day indecisive

Overview

CBS ended the week -0.37% lower at 55.85 after losing $0.36 (-0.64%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (CBS as at Sep 14, 2018):

Daily technical analysis candlestick chart for CBS Corporation Class B (CBS) as at Sep 14, 2018

Friday's trading range was $1.12 (1.99%), that's slightly below last trading month's daily average range of $1.15. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 54.80 and 56.72 which it has been in now for the last three days.

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving higher in the previous session, the stock closed lower but above the prior day's open today, forming a bearish Harami Candle.

After trading as low as 55.41 during the day, the share bounced off the key support level at 55.50. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move lower than 55.35 in the previous session, CBS Corp. found buyers again around the same price level today at 55.41.

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Buying might speed up should prices move above the nearby swing high at 56.72 where further buy stops could get activated.


Market Conditions for CBS as at Sep 14, 2018

Loading Market Conditions for CBS (CBS Corporation Class B)...
Latest Report:

CBS runs into sellers again around 54.23

Nov 21, 2018
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