Viacom shares gain a second straight session on Friday, Sumner Redstone to retire from company’s board

According to a Viacom filing released Friday, the company’s controlling shareholder, Sumner Redstone, will retire from the board of directors following the February 2017 annual meeting. Redstone, 93, will continue to attend meetings in a “non-voting” role. A person with knowledge of the matter, who preferred to remain anonymous as discussions were still private, claimed it was Redstone’s own decision to retire.

Viacom shares rose for a second consecutive trading session on Friday. The stock went up 1.28% ($0.50) to $39.50, after climbing as high as $40.55, or a level not seen since December 12th. In the week ended on December 18th the companys shares lost 6.95% of their market value compared to a week ago to mark their worst performance since the week ended on June 26th. However, the stock has trimmed its drop to 5.00% so far during the current month, following four successive months of decline. In November, the shares of the NASDAQ-listed entity depreciated 1.70%.

The health and mental capacity of the media magnate has recently been a subject of inquiry. According to Reuters, court documents filed in a suit by Redstone’s former girlfriend revealed speaking issues and a need for day-and-night care.

In February this year Sumner Redstone stepped down as executive chairman of Viacom’s board and became chairman emeritus. Redstone also resigned as executive chairman of CBS Corp., but however, it still remains unclear whether he will retire from its board as well.

The news of Redstone’s retirement came mere days after his daughter, Shari Redstone, withdrew a proposal over a possible reunion of Viacom Inc. and CBS Corp.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for the Viacom stock are presented as follows:

R1 – $39.64
R2 – $39.78
R3 (Range Resistance – Sell) – $39.93
R4 (Long Breakout) – $40.35
R5 (Breakout Target 1) – $40.85
R6 (Breakout Target 2) – $41.07

S1 – $39.36
S2 – $39.22
S3 (Range Support – Buy) – $39.07
S4 (Short Breakout) – $38.65
S5 (Breakout Target 1) – $38.15
S6 (Breakout Target 2) – $37.93

By using the traditional method of calculation, the weekly levels of importance for Viacom Inc (VIA) are presented as follows:

Central Pivot Point – $39.48
R1 – $40.87
R2 – $42.23
R3 – $43.62
R4 – $45.00

S1 – $38.12
S2 – $36.73
S3 – $35.37
S4 – $34.00