Monday, November 06, 2017 12:16:47 PM
This morning, leading media and content provider, CBS Corporation (NYSE:CBS) is falling lower by 0.39 to $55.01 a share. The stock price of CBS has been under pressure since July 2017 when it traded as high as $68.75 a share. Many traders and investors are now trying to find a bottom for CBS stock, but the stock remains weak on the charts.
Currently, CBS stock is oversold on a daily chart, but it remains in a weak technical position. CBS stock trades below its 50-week moving average which is never a good sign for a stock. Traders must now watch the $48.75 area as the next major support level for the stock. This is where the stock was defended back in September 2016. Often, major support levels from the past will hold up when retested. This level is where I would likely be a buyer in CBS stock.
Nicholas Santiago
InTheMoneyStocks
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