FOXA unable to break through key resistance level
Twenty-First Century Fox Inc. (FOXA) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, FOXA finished Thursday at 24.97 gaining $0.83 (3.44%) on low volume, strongly underperforming the Nasdaq 100 (5.72%). 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 (FOXA as at Mar 26, 2020):
Thursday's trading range has been $1.39 (5.74%), that's below the last trading month's daily average range of $2.13. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for FOXA.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Unable to break through the key technical resistance level at 25.04 (R1), the share closed below it after spiking up to 25.54 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. After having been unable to move above 25.42 in the prior session, the market ran into sellers again around the same price level today, failing to move higher than 25.54. The last time this happened on March 20th, FOXA lost -3.76% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 25.58 where further buy stops might get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Twenty-First Century. Out of 5 times, FOXA closed higher 60.00% 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 five trading days, showing a win rate of 60.00% with an average market move of 1.14%.