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Possible Bearish Inside Day Candle Pattern Detected for Viacom Inc-B (NASDAQ:VIAB)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Viacom Inc-B (NASDAQ:VIAB) based on the price action in the company's shares. Yesterday's price range of $29.32 and $29.67 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 Viacom Inc-B may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Viacom Inc. produces media entertainment content. The Company creates and acquires programming for television, the Internet, mobile devices, video games, and other consumer electronics products. Viacom also produces, finances, and distributes motion pictures to movie theaters and on DVDs, television, digital and other platforms internationally.

Viacom Inc-B has overhead space with shares priced $29.39, or 14.9% below the average consensus analyst price target of $34.55. The stock should hit resistance at its 200-day moving average (MA) of $29.70, as well as support at its 50-day MA of $29.11.

In the past 52 weeks, shares of Viacom Inc-B have traded between a low of $23.31 and a high of $34.44 and closed yesterday at $29.39, which is 26% above that low price. The 200-day and 50-day moving averages have moved 0.17% lower and 0.26% higher over the past week, respectively.

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

Keywords: bearish am inside day candle viacom inc-b

Ticker(s): VIAB