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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. Yesterday's price range of $66.59 and $67.18 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. 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.

Potential upside of 7.7% exists for CBS, based on a current level of $67.18 and analysts' average consensus price target of $72.38. 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.

Over the past year, CBS has traded in a range of $38.51 to $70.10 and closed yesterday at $67.18, 74% above that low. The 200-day and 50-day moving averages have moved 0.08% higher and 1.50% higher over the past week, respectively.

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 am inside day candle

Ticker(s): CBS