It feels like everyone thinks you should buy Time Warner Inc. (TWX). Jeff Bewkes, CEO of company, thinks so. Or at least he says the shares are extremely attractive at current levels. Analysts think you should buy it. According to Zacks, 10 of 12 analysts (83 percent) rank the stock with a "buy" rating.

However, I am somewhat baffled as to where this optimism is coming from when I look at what the stock has done. To get a feel for this situation, I think you need to look at the long-term view. Let's start with the monthly chart.

Chart Courtesy of Thomson Financial

It is somewhat tough to read the chart as the late-1990s run-up dominates the scale. Of course, that is just a nice way of saying the stock hasn't done anything since Y2K concerns were a hot topic. A look to weekly chart gives us a better feel for the more recent action.

Chart Courtesy of Thomson Financial

In the later-half of 2006 the stock did look as if was almost starting to show signs of life. Unfortunately, that was then followed a downtrend that lasted for more than a year.

As they stand now, the shares are perched just above their annual low. We do have the semblance of a potential double bottom on the weekly chart but I think at this point it is better to wait for proof the company can actually attract steady buying demand. That may not happen until we see the Street throw in the towel.