Movie, streaming and cable giant Paramount Global (PARA) spent most of the last year stuck in the red zone of the SIA S&P 500 Index report but has roared up the rankings lately, recently returning to the Green Favored Zone for the first time since March of 2021. Yesterday, PARA finished in 98th place, up 17 spots on the day and up 381 positions in the last month.
Paramount Global (PARA) has started to recover from a year of declines. The shares recently established support at a higher level near $32.50 and have launched off of there to blast through $35.00 and snap a long-term downtrend line.
Initial upside resistance tests appear possible near $37.50, where a breakout would complete a base and confirm the start of a new uptrend.
Previous peaks suggest additional resistance could appear near $40.00 and $45.00, along with $42.50 and $47.50 based on pending measured moves.
Reeling from last year’s pop-and plunge, Paramount Global (PARA) spent the last year under distribution but has started to show signs of life recently. Regaining $35.00, PARA completed a bullish Double Top breakout and snapped a downtrend line.
Based on the convergence of vertical and horizontal counts with previous column highs and lows, next potential upside resistance may appear near $37.95, $42.75, or $46.25 on trend. Initial support appears near $33.05 based on a 3-box reversal.
With a bullish SMAX score of 6, PARA is exhibiting strength against the asset classes.
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