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  1. Home
  2. / Investing

Don't Walk Out of This Paramount Stock Show Just Yet ...

Let's see how the charts are showing for PARA as it slips lower following an earnings miss.
By BRUCE KAMICH
Feb 16, 2023 | 01:59 PM EST
Stocks quotes in this article: PARA

Shares of mass media company Paramount Global  ( PARA)  are trading lower Thursday on the heels of a disappointing earnings report. Prices jumped 50% from their year-end low, but gravity is setting in again. Let's review the charts and indicators. 
 
In this daily bar chart of PARA, below, I can see a small double-bottom in November/December before the recent recovery period. Prices rallied above the 50-day and the 200-day moving averages, but have slipped back to the 200-day line. Trading volume has increased since November showing more investor interest, but the On-Balance-Volume (OBV) line only shows a rise from late December. The Moving Average Convergence Divergence (MACD) oscillator is above the zero-line but could turn up or down from here. 
 
 
 
In this weekly Japanese candlestick chart of PARA, below, I see a picture that I have trouble getting excited about. Prices suffered a big decline and prices have not made, in my opinion, a big enough base or zone of repair. PARA trades around the 40-week moving average line. The weekly OBV line shows a minor improvement in January. The MACD oscillator has improved but remains below the zero-line. 
 
 
 
In this daily Point and Figure chart of PARA, below, I can see a potential downside price target in the $18 area. 
 
 
 
In this weekly Point and Figure chart of PARA, below, I can see an upside price target in the $44 area. 
 
 
Bottom line strategy: PARA is trading lower but it is also trading in the middle of its range now. A weak close Thursday could tip the scales to the downside and a strong close could suggest further gains ahead. Stay tuned. 
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TAGS: Earnings | Investing | Technical Analysis | Media | Movie Production | Consumer Discretionary

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