FOX runs into sellers again around 45.07
Twenty-First Century Fox Class B (FOX) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, FOX ended the week -1.94% lower at 44.94 after gaining $0.15 (0.33%) today, notably underperforming the Nasdaq 100 (2.77%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (FOX as at Oct 12, 2018):
Friday's trading range has been $0.44 (0.98%), that's below the last trading month's daily average range of $0.59. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FOX.
One bullish candlestick pattern matches today's price action, the Hammer.
The market managed to break above the 50-day moving average at 44.91 today for the first time since September 26th. Prices are trading close to the key technical resistance level at 45.32 (R1). After having been unable to move above 45.00 in the prior session, the share ran into sellers again around the same price level today, missing to move higher than 45.07. The last time this happened on October 5th, FOX lost -0.79% on the following trading day.
Though Twenty-First Century is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Close to S1 Support" stand out. Its common bullish interpretation has been confirmed for Twenty-First Century. Out of 1,189 times, FOX closed higher 52.48% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 56.27% with an average market move of 0.96%.