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

By Amy Schwartz

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. Today's price range of $30.34 and $30.44 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 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.

There is potential upside of 13.5% for shares of Viacom Inc-B based on a current price of $30.44 and an average consensus analyst price target of $34.55. Viacom Inc-B shares have support at the 200-day moving average (MA) of $29.70 and additional support at the 50-day MA of $29.14.

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.

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 are now at $30.44, which is 31% 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.

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

Keywords: bearish inside day candle viacom inc-b

Ticker(s): VIAB