Mexican broadcast media company Grupo Televisa (TV) is looking more optimistic right now. This $12 billion firm is forming an inverse head and shoulders setup right now, with resistance at the $22 level. The buy signal comes on a push above that price.
An inverse head-and-shoulders setup is identified by a large trough (the head) with a smaller trough on each side (the shoulders). It's a pattern that indicates exhaustion among sellers.
Even though the head-and-shoulders (and its inverse) is likely the most well known technical pattern, it's still a valuable one: an academic study conducted by the Federal Reserve Board of New York found that the results of 10,000 computer-simulated head-and-shoulders trades resulted in "profits [that] would have been both statistically and economically significant."That's a good reason to keep an eye on TV this week. Grupo Televisa is rated B- buy by TheStreet Ratings.
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