FOX surges, gaining $0.82 (2.86%) within a single day on high volume
Twenty-First Century Fox Inc. (FOX) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
FOX ended Wednesday at 29.46 surging $0.82 (2.86%) on high volume, strongly outperforming the Nasdaq 100 (-1.67%). This is the biggest single-day gain in over three weeks. Today's close at 29.46 marks the highest recorded closing price since June 10th. Closing above Tuesday's high at 29.04, the market confirmed its breakout through the previous session high after trading up to $0.83 above it intraday.
Daily Candlestick Chart (FOX as at Sep 16, 2020):
Wednesday's trading range has been $1.09 (3.79%), that's far above the last trading month's daily average range of $0.76. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for FOX.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
The share managed to close above the 200-day moving average at 29.27 for the first time since June 8th. When this moving average was crossed above the last time on June 8th, FOX actually lost -4.26% on the following trading day. Unable to break through the key technical resistance level at 29.49 (R1), Twenty-First Century closed below it after spiking up to 29.87 earlier during the day. The failure to close above the resistance could increase that levels importance going forward.
Crossing above the upper Bollinger Band for the first time since August 28th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 27.62 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Twenty-First Century. Out of 1 times, FOX closed lower 100.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 100.00% with an average market move of -12.88%.