FOX closes within prior day's range after lackluster session
Twenty-First Century Fox Inc. (FOX) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
FOX ended the week 2.58% higher at 37.31 after losing $0.21 (-0.56%) today on low volume, underperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (FOX as at Feb 14, 2020):
Friday's trading range has been $0.59 (1.57%), that's below the last trading month's daily average range of $0.82. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for FOX.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 36.75 (S1). After having been unable to move lower than 36.95 in the previous session, Twenty-First Century found buyers again around the same price level today at 37.00. The last time this happened on Tuesday, FOX gained 1.50% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 37.74 where further buy stops might get triggered. With prices trading close to this year's high at 38.84, upside momentum could speed up should the stock be able to break out to new highs for the year.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Twenty-First Century. Out of 50 times, FOX closed higher 52.00% of the time on the next trading day after the market condition occurred.