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- 1 Paramount Global. ( NASDAQ: PARA) stock’s 52-week price range is around $13 – $25.
- 2 PARA stock was traded earlier in a downward trend and was facing negativity in the past sessions.
Paramount Global is a mass media company that creates and distributes content across various platforms to audiences worldwide. It has four segments: Entertainment, Cable Networks, Publishing, and Local Media.
The Entertainment segment includes the CBS Television Network, CBS Television Studios, CBS Studios International, CBS Television Distribution, CBS Interactive, and CBS Films, as well as the company’s digital streaming services, CBS All Access and CBSN.
Paramount Global’s (PARA Stock) price has been facing selling pressure in the previous sessions and has corrected significantly. Moreover, the PARA stock price is trading beneath the key moving averages and near the support zone of $13.00. The price action signals bearish dominance, and the stock is in a downtrend, indicating that the stock may revisit the demand zone of $10 in the next sessions.
In the past months, PARA stock reported Q1, 2023 below expectations, which acted as a curse. The price showed a major gap down, indicating a death crossover on the charts. Moreover, the price plummeted from $22 to $16 intraday. After that, the stock continued in a downtrend, where buyers tried to recover but failed repeatedly and kept losing the gains.
PARA stock has an upper trajectory of $18.00 near the 200-day EMA, a strong resistance level. On the other hand, the lower trajectory is near $13.00, the support region, which the stock is eager to retest in the following sessions.
At press time, PARA stock price is trading at $15.09 with an intraday drop of 0.07% showing bearishness on the charts. Moreover, the trading volume is below the 10-day aggregate moving average of 10.097 Million. The market cap is $9.958 Billion. However, analysts maintained a strong sell rating, while the stock persists in giving negative returns, -3.58% for three months, and -5.98% monthly.
PARA stock’s next dividend will be on September 14th, 2023. The amount that PARA stock will pay is going to be $0.05 and the payment date will be October 2nd, 2023.
Technical Analysis of PARA stock over Daily Time Frame(1-D)
On observing the daily charts, PARA stock formed a neutral pattern which is a symmetrical triangle pattern. The price hovering near the lower trendline highlights the dominating pressure of sellers.
Moreover, case 1 & case 2 indicate that if stock slips below the trendline, it will head for $10.
On the contrary, if the price breaks the upper trendline, the resistance level of $18 could be retested.
According to the Fib levels, the PARA stock price is trading near the 23.6% level and showing bearishness on the charts. Moreover, the price is close to the lower Bollinger band, indicating seller dominance on the charts.
At the time of publishing, RSI turned neutral and MACD has a slim gap suggesting neutrality.
Summary
Paramount Global. (NASDAQ: PARA) stock prices are neutral on the 1-D time frame. Paramount Global’s (PARA stock) price is trading below the 20-day and 50-day EMA and showing seller dominance. Moreover, the price action indicates a bearish structure and a further decline toward $10. However, buyers want a bounce to retest $18 near the 200-day EMA. The price action for Paramount price unable to be predicted as no clear outlook is available at the time of publishing, Also on further note a neutral pattern seems to have occurred which is a symmetrical triangle. The technical analysis tools of Paramount stock price also support neutrality.
Technical Levels
- Support levels: The nearest support levels for PARA price are $12 and $10.
- Resistance levels: The nearest resistance levels for the Paramount stock price are $18 and $20.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
