Paramount Global stock price has been facing a strong declining trend in the short term. Recently, the PARA stock price showed a breakdown followed by a retest of the level of $12 and currently is on the edge of the lows to continue with the fall in the upcoming sessions.
The price trend analysis demonstrates that the long-term trend has already been bearish since the first week of May when the price slipped below the key moving average of the 200-day EMA. The short term trend has also aligned the same and the PARA stock price might decline to a three-year low price.
Paramount Global is yet to announce quarterly results on Thursday, 2nd November. The Wall Street analysts are expecting the company to deliver a revenue of $7.16 Billion and earnings of $0.114 Billion. A good revenue might attract the buying volume and the price decline might halt.
Currently, the PARA stock price has a major support of a round level on the downside i.e. $10. The stock might resume the decline till the $10 level. The price trend is under the bearish grip and the price might decline more in the upcoming sessions.
Paramount Global stock derivatives data analysis states that the current implied volatility in the market is 61.15% with an increment of 1.35% in the last trading session. The at-the-money strike price has 1,005 open contracts on the PUT side and 790 open contracts on the CALL side indicating the dominance of buyers at the CMP.
Paramount Global Stock Price Forecast For 2023
The average analyst price target for Paramount Global stock in 2023 is $16.41, which represents a potential upside of 39.87% from the current price. However, there is a wide range of analyst price targets between $10 to $32.
The most optimistic analysts believe that Paramount Global stock could reach $32 in 2023 indicating an upside potential of 173.80% if the global media industry grows strongly.
Technical Indicators Signal Weakness Over the Charts
The overall technical indicators including RSI and MACD opinion rating for the PARA stock is a 90% “sell” with a strong short-term outlook on maintaining the current trend.
Conclusion
Paramount Global stock price is falling in the short term and may break below the 3-year low of $10. The long-term trend has been bearish since May. The company will announce its quarterly results on November 2, 2023. The analysts expect a revenue of $7.16 Billion and earnings of $0.114 Billion. The average analyst price target for 2023 is $16.41, with a high of $32. The results may affect the price trend and the buying volume.
Technical Levels
- Support Levels: $11.39 and $10.18
- Resistance Levels: $12.30 and $13.75
