ViacomCBS (VIAC) has started to climb within the Green Favored Zone of the SIA S&P 500 Index Report lately and rose another 12 spots on Friday.
Broadcaster ViacomCBS (VIAC) staged a major breakout on Friday clearing $28.00 to complete a bullish Ascending Triangle, completing a consolidation phase that started back in June and signaling the start of a new upleg within an accumulation trend that started back in March. Next potential upside resistance appears in the $34.00 to $35.00 area where a measured move and a round number cluster. Initial support appears at the 200-day average near $26.00.
Building on a recent bullish Double Top, ViacomCBS staged a major breakout on Friday, taking out their previous high, completing a bullish Spread Double Top breakout and signaling the start of a new advance. Next potential upside resistance tests on trend appear near $31.70 based on a horizontal count, a downtrend line near $32.30, and a previous column high near $35.00. Initial support appears near $26.50 based on a 3-box reversal.
With a perfect SMAX score of 10, VIAC is exhibiting near-term strength against the asset classes.
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