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Possible Bearish Inside Day Candle Pattern Detected for Cbs Corp-B (NYSE:CBS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Cbs Corp-B (NYSE:CBS) based on the price action in the company's shares. Today's price range of $57.10 and $58.17 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Cbs Corp-B may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 17.7% exists for Cbs Corp-B, based on a current level of $57.42 and analysts' average consensus price target of $67.60. Cbs Corp-B shares have support at the 200-day moving average (MA) of $55.24 and additional support at the 50-day MA of $51.62.

Cbs Corp-B share prices have moved between a 52-week high of $68.75 and a 52-week low of $47.54 and are now trading 21% above that low price at $57.42 per share. The 200-day and 50-day moving averages have moved 0.2% lower and 0.51% higher over the past week, respectively.

CBS Corporation is a multimedia company that operates broadcasting, television production, and publishing businesses. The Company operates television and radio stations, produces and syndicates television programs, publishes books, provides online content, as well as provides outdoor advertising.

SmarTrend is monitoring the recent change of momentum in Cbs Corp-B. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Cbs Corp-B in search of a potential trend change.

Keywords: bearish inside day candle cbs corp-b

Ticker(s): CBS