Monday, March 17, 2014

Nexstar Broadcasting Group, Inc. (NASDAQ: NXST)

Nexstar Broadcasting Group, Inc., a television broadcasting and digital media company, focuses on the acquisition, development, and operation of television stations and interactive community Websites in medium-sized markets in the United States. It provides free over-the-air programming to television viewing audiences. The company, through various local service agreements, also offers sales, programming, and other services to stations and digital multicast channels owned and/or operated by independent third parties. As of March 15, 2013, it owned, operated, programmed, or provided sales and other services to 72 television stations and 15 related digital multicast signals in 41 markets; and 43 community portal Websites that offered hyper-local content and verticals for consumers and advertisers.
Please take a look at the 1-year chart of NXST (Nexstar Broadcasting Group, Inc.) below with my added notations:
1-year chart of NXST (Nexstar Broadcasting Group, Inc.)
NXST had held an important level of support at $40 (red) for the last 5 months, and that level had also been a previous resistance. After resisting the $45 area couple of times this year, the stock came down to $40 yet again. Yesterday NXST finally broke below the $40 support and should be moving overall lower from here.

The Tale of the Tape: NXST had a key level of support at $40. Now that the stock has broken support, a trader might want to enter a short trade at or near the $40 level with a stop placed above that level. A break back above $40 could negate the forecast for a move lower.
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