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CBS snaps to lowest close since May 9th


Technical Analysis Report for CBS - May 17, 2018 [1 min read]
Highlights
CBS tanks -4.12% on high volume
CBS finds buyers at key support level
CBS unable to break through key resistance level
CBS finds support at 50-day moving average
CBS closes lower for the 2nd day in a row
TQ Sentiment
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, CBS ended Thursday at 51.61 tanking $2.22 (-4.12%) on high volume. This is the biggest single day loss in over three months. Today's closing price of 51.61 marks the lowest close since May 9th. Closing below Wednesday's low at 53.41, the market confirms its breakout through the previous session's low having traded $3.46 below it intraday.

Daily chart for CBS
Volatility

Thursday's trading range was $3.95 (7.44%), that's far above last trading month's daily average range of $1.54. Weekly volatility is also higher, being way above the markets average with the monthly volatility being way above average.

Support/Resistance

After trading as low as 49.95 during the day, the share bounced off the key support level at 50.88. The failure to close below the support could increase that levels importance as support going forward. Unable to break through the key technical resistance level at 53.43, CBS Corp. closed below it after spiking as high as 53.90 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After trading as low as 49.95 during the day, the stock found support at the 50-day moving average at 51.34.

Trend

Although CBS 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.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Resistance R2 TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
Bullish Bounce off SMA 50 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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