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

By Amy Schwartz

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. Yesterday's price range of $48.10 and $48.31 is within the prior day'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.

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.

Potential upside of 39.9% exists for Cbs Corp-B, based on a current level of $48.31 and analysts' average consensus price target of $67.60. The stock should find initial resistance at its 50-day moving average (MA) of $49.29 and further resistance at its 200-day MA of $51.50.

In the past 52 weeks, shares of Cbs Corp-B have traded between a low of $41.38 and a high of $59.59 and closed yesterday at $48.31, which is 17% above that low price. The 200-day and 50-day moving averages have moved 0.11% lower and 0.12% lower over the past week, respectively.

SmarTrend is tracking the current trend status for Cbs Corp-B and will alert subscribers who have CBS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle cbs corp-b

Ticker(s): CBS