CBS snaps to lowest close since May 9th


CBS Corp. (CBS) Technical Analysis Report for 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
Report Sentiment: 42% Bearish
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.

Market Conditions for CBS Corp.
Condition Forecast Direction Win Avg Worst Best Events
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
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when CBS Corp. traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Signup
Stocks Top Movers
ETHUSD 313.2627.54 9.64%
BTCUSD 6,552.78258.70 4.11%
NATGAS 2.9440.033 1.13%
GOLD 1,191.810.8 0.91%
CRUDE 65.200.47 0.73%
CAC 5,344.93-4.09 -0.08%
DAX 12,210.55-26.62 -0.22%
USDJPY 110.50-0.40 -0.36%
DXY 95.980-0.555 -0.57%
Start your day with the facts moving the markets
By clicking "Subscribe", you agree to our terms and privacy policy.

Related Stocks

ABBV 10 day candlestick chart for ABBV98.81 0.59
0.60%
ACN 10 day candlestick chart for ACN164.89 2.00
1.23%
ADBE 10 day candlestick chart for ADBE245.70 -3.19
-1.28%
AAP 10 day candlestick chart for AAP159.72 0.23
0.14%
AES 10 day candlestick chart for AES13.94 0.07
0.50%
AET 10 day candlestick chart for AET198.86 0.39
0.20%
AFL 10 day candlestick chart for AFL46.76 0.26
0.56%
AMG 10 day candlestick chart for AMG146.59 0.30
0.21%
A 10 day candlestick chart for A64.66 -0.84
-1.28%
ABT 10 day candlestick chart for ABT64.72 0.56
0.87%