More Upside for CBS ?

Published on Thursday, 16 August 2012 12:34 Written by TradersHuddle Wire

New York, August 16th (TradersHuddle.com) - Shares of CBS Corporation (NYSE:CBS) booked a new 52 week high today by trading above $36.19, traders are definitely monitoring CBS' price action to see if this move attracts further buying into the stock.

CBS Corporation (NYSE:CBS) is a media company that operates broadcasting, television production, and publishing businesses. The Company operates television and radio stations, produces and syndicates television programs, publishes books, provides online content as well as provides outdoor advertising.

CBS is currently trading 0.26% versus its previous trading session close, and it has calculated support and resistance at $29.85 and $35.90 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading higher by 0.56% from its previous trading close, which means that CBS stock is underperforming the overall market.