Wednesday, March 10, 2021 4:00 PM EDT
Shares of ViacomCBS (VIAC) are retracing the drop from yesterday. This appears to be a classic bounce after a major top was put in on the stock chart. The ViacomCBS technical analysis also shows it to be into a major trend line, found by connecting the pivot highs from 2007 and 2017. If you extend that trend line out, the current price is slamming into it. Add in an RSI near 80, a three-month surge from $37 to its high near $85 and this is a recipe for a major pullback in the stock. The downside target is likely $67.00, which gives swing traders a great downside profit potential. The ViacomCBS technical analysis is a hard sell at these levels.
(Click on image to enlarge)
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as ...
more
Disclaimer: All comments made by InTheMoneyStocks, LLC and its subsidiaries, instructors, and representatives are for educational and informational purposes only and should not be construed as investment advice regarding the purchase or sale of securities, or any other financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities mentioned herein. InTheMoneyStocks, LLC and its representatives assume no responsibility for your trading and investment results. All information on the website was obtained from sources believed to be reliable., but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. InTheMoneyStocks, LLC, its employees, representatives and affiliated individuals may have a position or effect transactions in the securities herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves a very high degree of risk. Futures and Options trading are not suitable for all investors. Past results are not indicative of future results. InTheMoneyStocks, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment results.
less
How did you like this article? Let us know so we can better customize your reading experience.
Heard this thousands of times since April last year.
I saw quite a few articles stating VIAC was an old company with a dying audience filled with old content and not a bright future. So many junk articles back then. Still can’t believe where we are today and still feel just as bullish on its future as I was in April 2020.