FOXA finds buyers at key support level
Twenty-First Century Fox (FOXA) Technical Analysis Report for Apr 16, 2018
Moving higher for the 3rd day in a row, FOXA finished Monday at 37.04 gaining $0.25 (0.68%) on low volume. Today's closing price of 37.04 marks the highest close since March 16th. Closing above Friday's high at 36.99, the market confirms its breakout through the previous session's high having traded $0.25 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was $0.52 (1.4%), that's far below last trading month's daily average range of $0.78. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being below average.
After trading as low as 36.72 during the day, the share bounced off the key support level at 36.73. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 37.37.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying might move prices higher should the market test March's nearby high at 38.16.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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