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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 $52.09 and $52.36 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.

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 are now at $52.28, which is 26% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

Potential upside of 29.3% exists for Cbs Corp-B, based on a current level of $52.28 and analysts' average consensus price target of $67.60. Cbs Corp-B shares have support at the 200-day moving average (MA) of $50.74 and additional support at the 50-day MA of $49.22.

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 recommended that subscribers consider buying shares of Cbs Corp-B on June 21st, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $50.57. Since that recommendation, shares of Cbs Corp-B have risen 3.6%. We continue to monitor CBS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle cbs corp-b

Ticker(s): CBS