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, 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 pull back 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.
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