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

By Shiri Gupta

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 $55.39 and $55.94 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.

There is potential upside of 3.6% for shares of CBS based on a current price of $55.91 and an average consensus analyst price target of $57.90. The stock should find initial support at its 50-day moving average (MA) of $53.82 and further 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.

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 $55.91, which is 45% 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.

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

Keywords: bullish inside day candle

Ticker(s): CBS