CBS finds buyers at key support level


CBS Corp. (CBS) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
CBS finds buyers around 49.88 for the third day in a row
CBS closes above its opening price after recovering from early selling pressure
CBS finds buyers at key support level
CBS closes higher for the 2nd day in a row
CBS stuck within tight trading range
TQ Sentiment
Report Sentiment: 30% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, CBS finished Monday at 50.90 gaining $0.83 (1.66%). Trading up to $0.45 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily chart for CBS
Volatility

Monday's trading range was $1.28 (2.54%), that's slightly below last trading month's daily average range of $1.42. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 49.65 and 51.35 which it has been in now for the last three days.

Price Action

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.

Support/Resistance

After trading as low as 49.88 during the day, the stock bounced off the key support level at 50.08. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 51.35. CBS Corp. found buyers again today around 49.88 for the third trading day in a row after having found demand at 49.77 in the previous session and at 49.65 two days ago.

Trend

While the share is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 51.35 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 49.65 where further sell stops could get triggered. With prices trading close to this year's low at 49.24, downside momentum might accelerate should CBS break out to new lows for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for CBS Corp.
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
Takuri Line TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bearish Break through SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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