FOXA finds buyers again around 25.17
Twenty-First Century Fox Inc. (FOXA) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, FOXA finished the month -3.91% lower at 25.77 after edging lower $0.05 (-0.19%) today, notably underperforming the Nasdaq 100 (1.78%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (FOXA as at Jul 31, 2020):
Friday's trading range has been $0.67 (2.59%), that's below the last trading month's daily average range of $0.93. 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. Prices continued to consolidate within a tight trading range between 25.17 and 26.05 where it has been caught now for the last three trading days.
One bullish candlestick pattern matches today's price action, the Takuri Line. The last time a Takuri Line showed up on June 25th, FOXA actually lost -4.57% on the following trading day.
After trading down to 25.17 earlier during the day, Twenty-First Century bounced off the key technical support level at 25.41 (S1). The failure to close below the support might increase that levels significance as support going forward. After having been unable to move lower than 25.26 in the previous session, the stock found buyers again around the same price level today at 25.17.
Although the market is experiencing a short-term uptrend, this could 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 "Takuri Line" stand out. Its common bullish interpretation has been confirmed for Twenty-First Century. Out of 9 times, FOXA closed higher 77.78% 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 eight trading days, showing a win rate of 55.56% with an average market move of -1.29%.