FOXA closes within prior day's range
Twenty-First Century Fox Inc. (FOXA) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
FOXA ended the week 2.16% higher at 37.80 after losing $0.20 (-0.53%) today, 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.
Daily Candlestick Chart (FOXA as at Feb 14, 2020):
Friday's trading range has been $0.63 (1.65%), that's slightly below the last trading month's daily average range of $0.88. 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 FOXA.
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.
After trading down to 37.48 earlier during the day, the share bounced off the key technical support level at 37.51 (S1). The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 37.46 in the previous session, the stock found buyers again around the same price level today at 37.48. The last time this happened on Tuesday, FOXA gained 1.45% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 38.28 where further buy stops might get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Twenty-First Century. Out of 34 times, FOXA closed higher 55.88% 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 64.71% with an average market move of 0.50%.