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Possible Bullish Inside Day Candle Pattern Detected for CBS (NYSE:CBS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in CBS (NYSE:CBS) based on the price action in the company's shares. Today's price range of $54.01 and $54.45 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. Traders and investors interested in shares of CBS may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of CBS have traded between a low of $38.51 and a high of $63.95 and are now at $54.28, which is 41% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.5% while the 200-day MA has remained constant.

There is potential upside of 6.7% for shares of CBS based on a current price of $54.28 and an average consensus analyst price target of $57.90. The stock should discover initial support at its 50-day moving average (MA) of $53.82 and subsequent support at its 200-day MA of $48.43.

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 is tracking the current trend status for CBS and will alert subscribers who have CBS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle

Ticker(s): CBS