FOX closes above its opening price after recovering from early selling pressure
Twenty-First Century Fox Inc. (FOX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, FOX ended the month -6.74% lower at 26.84 after edging higher $0.05 (0.19%) today, notably underperforming the Nasdaq 100 (1.96%). Trading up to $0.32 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (FOX as at Jun 30, 2020):
Tuesday's trading range has been $0.46 (1.72%), that's far below the last trading month's daily average range of $1.22. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for FOX.
One bullish candlestick pattern matches today's price action, the Takuri Line.
After trading down to 26.44 earlier during the day, Twenty-First Century bounced off the key technical support level at 26.73 (S1). The failure to close below the support could increase that levels importance as support going forward. When prices bounced off a significant support level the last time on June 25th, FOX actually lost -3.74% on the following trading day. After having been unable to move above 26.84 in the previous session, the share ran into sellers again around the same price level today, missing to move higher than 26.90.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Twenty-First Century. Out of 56 times, FOX closed higher 58.93% 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 62.50% with an average market move of 1.07%.