Daily Stock Report

Paramount Global - Class B (PARA) - March 17, 2022

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.  

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.