Clear Channel: 66% probability of getting bullish momentumThe company announced losses of $291.7 million, or 60 cents a share, on $550.8 million in revenue. By comparison, it lost $165.2 million, or 45 cents a share, on $587.1 million in revenue in the same period last year (ExpressNews). CCO's goal to sell 51% stake in a Chinese subsidiary and earn net $220 million might cheerup investors with speculation purposes. Technical analysis suggests 66% of probability to go up from nowadays $1 level (due to 2 bullish channels on the spotlight and the possibility of disengaging bullish momentum). To the ones who do not want to lose the bullish opportunity, your entry level is at $0.97. The ones who doubt and want to be sure that they will have at least a pull-back, your entry level is at $0.90. And finally, the ones who believe it is going to fall below $0.90 can enter the short position at $0.81 or at the second $0.90 level (once support now resistance).
In May 26 it was disclosed by SeekingAlpha that Ares Management is steadily buying CCO's shares since March 31, going from a 4.4% to 5.9% stake in the company. As I said before, this could also be another reason for speculative moves to upper regions.
Bullish Price Targets may vary from 1.19 to 1.40, in the very short-term (2 weeks). Probability at 66,66%.
Bearish Price Targets may vary from 0.81 to 0.71 and lower, in the very short-term (2 weeks). Probability at 33,33%.
Everything here represents my sole own opinion and analysis that can be complemented to others'. I do not hold responsibility for any of these analyses (neither my previous nor my future ones).
