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Possible Bearish Inside Day Candle Pattern Detected for Grupo Televisa (NYSE:TV)

By Amy Schwartz

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 $26.17 and $26.46 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.

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 $26.18, 13% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has slid 0.5%.

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.

Grupo Televisa has overhead space with shares priced $26.18, or 11.8% below the average consensus analyst price target of $29.69. The stock should find initial resistance at its 50-day moving average (MA) of $27.04 and further resistance at its 200-day MA of $28.04.

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

Keywords: bearish inside day candle grupo televisa

Ticker(s): TV