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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish 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 $27.33 and $27.90 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 Viacom Inc-B 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 25.9% exists for Viacom Inc-B, based on a current level of $27.45 and analysts' average consensus price target of $34.55. The stock should find initial resistance at its 200-day moving average (MA) of $29.54 and further resistance at its 50-day MA of $30.50.

In the past 52 weeks, Viacom Inc-B share prices have been bracketed by a low of $22.13 and a high of $36.96 and closed yesterday at $27.45, 24% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 1.1%.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Viacom Inc-B on February 6th, 2018 by issuing a Downtrend alert when the shares were trading at $31.00. Since that call, shares of Viacom Inc-B have fallen 12.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle viacom inc-b

Ticker(s): VIAB