FOX finds buyers again around 25.23
Twenty-First Century Fox Inc. (FOX) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, FOX ended the month -3.99% lower at 25.77 after losing $0.11 (-0.43%) today, strongly underperforming the Nasdaq 100 (1.78%). Trading up to $0.42 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. 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 Jul 31, 2020):
Friday's trading range has been $0.57 (2.22%), that's far below the last trading month's daily average range of $0.88. 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. Prices continued to consolidate within a tight trading range between 25.23 and 26.54 where it has been caught now for the whole last trading week.
One bearish candlestick pattern matches today's price action, the Hanging Man. The last time a Hanging Man showed up on April 15th, FOX lost -0.16% on the following trading day.
After having been unable to move lower than 25.26 in the prior session, the stock found buyers again around the same price level today at 25.23.
While Twenty-First Century is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Hanging Man" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Twenty-First Century. Out of 11 times, FOX closed higher 54.55% 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 72.73% with an average market move of 2.08%.