Is the selling coming to an end and will this boring media company get some love from investors in 2022?
ViacomCBS has been in a 10 month long downtrend stemming from the Archegos Bill Hwang fund collapse in March 2021.
Over just the last 12 weeks VIAC has fallen more than 25%. This weakness presented a buying opportunity for company insiders who purchased $1.5M worth of stock at an average price of about $36 per share.
Looking at the above chart we can see 11 consecutive weekly Heikin-Ashi candlesticks with lower high lower low weekly candles. That streak was snapped last week as investors bid up traditional value stocks into the final week of trading for 2021.
ViacomCBS made a higher low and higher high ($29.59/$31.59) forming a bullish Heikin-Ashi candle engulfing. The last technical hurdle in the way is a close over the 7 week EMA at $31.59.
