Possible Bearish Inside Day Candle Pattern Detected for Grupo Televisa (NYSE:TV)
SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Grupo Televisa (NYSE:TV) based on the price action in the company's shares. Today's price range of $27.30 and $27.49 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 Grupo Televisa 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 8.3% exists for Grupo Televisa, based on a current level of $27.42 and analysts' average consensus price target of $29.69. The stock should hit resistance at its 200-day moving average (MA) of $28.04, as well as support at its 50-day MA of $27.04.
In the past 52 weeks, Grupo Televisa share prices have been bracketed by a low of $23.25 and a high of $40.05 and are now at $27.42, 18% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 0.9%.
Grupo Televisa S.A. is the largest media company in the Spanish-speaking world, and a major player in the international entertainment business. It has interests in television production and broadcasting, programming, direct-to-home satellite services, publishing and publishing distribution, cable television, radio production, show business, feature film and internet portal.
SmarTrend recommended that subscribers consider buying shares of Grupo Televisa on June 23rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $26.47. Since that recommendation, shares of Grupo Televisa have risen 4.2%. We continue to monitor TV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Keywords: bearish inside day candle grupo televisa