CBS snaps to lowest close since May 9th
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.
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.
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for CBS Corp.
|4 Consecutive Higher Closes||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Price broke through Technical Resistance R1||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|Bearish Bounce off SMA 100||TQ Pro Members Only|
More market conditions identified for TQ Pro members...
Learn more about TQ Pro