ViacomCBS (VIAC) recently to the Green Favored Zone in the SIA S&P 500 Index Report from a brief dip into the yellow zone. The shares continued to move up in the rankings on Friday, climbing another 20 spots.
ViacomCBS (VIAC) shares have been steadily recovering lost ground since bottoming out in March, establishing an upward trend of higher lows and completing a series of bullish Ascending Triangle pattern breakouts. Last week, the shares completed their most recent breakout, and have continued to climb, filling in an old gap and confirming ongoing accumulation.
Next potential resistance appears in the $40.00 to $41.50 area where a round number, the 52-week high and a measured move converge. Initial support appears between the $31.50 breakout point and the $30.00 round number.
A major breakout is underway in ViacomCBS (VIAC) shares which not only completed another in a series of bullish pattern completions with a Double Top breakout last week, it also snapped a downtrend line, confirming that its recovery trend continues.
Initial upside resistance on trend appears near $40.00 where a round number, horizontal count, and a previous column low cluster together, followed by $46.70 where a vertical count and a previous support level converge. Initial support appears near $30.80 based on a 3-box reversal.
With its bullish SMAX score increasing to a perfect 10, VIAC is exhibiting near-term strength across the asset classes.
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