FOXA unable to break through key resistance level
Twenty-First Century Fox Inc. (FOXA) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
FOXA ended the month -8.06% lower at 26.82 after edging lower $0.08 (-0.3%) today on low volume, strongly underperforming the Nasdaq 100 (1.96%). Trading up to $0.32 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 failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (FOXA as at Jun 30, 2020):
Tuesday's trading range has been $0.52 (1.94%), that's far below the last trading month's daily average range of $1.35. 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 FOXA.
Two candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern and one neutral pattern, the Doji.
Unable to break through the key technical resistance level at 26.96 (R1), Twenty-First Century closed below it after spiking up to 27.00 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on June 8th, FOXA lost -5.14% on the following trading day. After having been unable to move above 26.93 in the prior session, the stock ran into sellers again around the same price level today, missing to move higher than 27.00.
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 five 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, FOXA closed higher 66.07% 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 66.07% with an average market move of 0.33%.