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:
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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