Like many market observers and traders I keep my television tuned to a financial news station. Sometimes it's Yahoo, sometimes Bloomberg, and today it has been CNBC.
A pair of nameless traders have been beating each other with statistics about Paramount Global (PARA) . One was bullish. The other was bearish. Let's see what the charts look like.
In this daily bar chart of PARA, below, we can see a downward trend the past 12 months. Prices are trading below the declining 50-day moving average line and below the declining 200-day line. The On-Balance-Volume (OBV) line has been moving sideways since December. The Moving Average Convergence Divergence (MACD) oscillator is below the zero line.
In this weekly Japanese candlestick chart of PARA, below, I fail to find any bullish clues.
In this daily Point and Figure chart of PARA, below, we can see a potential downside price target in the $14 area.
Bottom line strategy: There will always be bulls and bears on TV but I prefer to go with the charts and indicators. The charts of PARA are bearish to me. Avoid the long side.
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