Leading media and content provider CBS Corporation (NYSE:CBS) took a hit Monday, falling lower at one point by 0.39 to $55.01 a share. The stock has been under pressure since July 2017 when it traded as high as $68.75. Many traders and investors are now trying to find a bottom on the stock, which remains weak on the charts.
Support
Currently, CBS is oversold on the daily chart but remains in a weak technical position. The stock trades below its 50-week moving average, which is never a good sign for a stock. Traders must now watch the $48.75 area as the next major support level for the stock. That's where CBS was defended back in September 2016 and could be where it finds support when retested. It's also a level where I would likely buy the stock.
