FOXA soars, gaining $0.73 (2.55%) within a single day
Twenty-First Century Fox Inc. (FOXA) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
FOXA finished Wednesday at 29.34 surging $0.73 (2.55%), significantly outperforming the Nasdaq 100 (-1.67%). This is the biggest single-day gain in over three weeks. The last time we've seen such an unusually strong single-day gain on June 8th, FOXA actually lost -5.14% on the following trading day. Today's close at 29.34 marks the highest recorded closing price since June 10th. Closing above Tuesday's high at 29.00, the stock confirmed its breakout through the prior session high after trading up to $0.92 above it intraday.
Daily Candlestick Chart (FOXA as at Sep 16, 2020):
Wednesday's trading range has been $1.17 (4.05%), that's far above the last trading month's daily average range of $0.80. 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 FOXA.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.
Prices are trading close to the key technical support level at 28.62 (S1). After spiking up to 29.92 during the day, the share found resistance at the 200-day moving average at 29.65.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Very Strong Up Move" stand out. Its common bullish interpretation has been confirmed for Twenty-First Century. Out of 9 times, FOXA closed higher 66.67% of the time on the next trading day after the market condition occurred.