FOXA breaks below prior session low


Twenty-First Century Fox (FOXA) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
FOXA breaks key support level
FOXA closes below its opening price unable to hold early session gains
FOXA ends the day on a bearish note closing near the low of the day
FOXA runs into sellers again around 38.32
FOXA breaks below previous session low
TQ Sentiment
Report Sentiment: 85% Bearish
Technical Forecast:
Overview

FOXA finished Thursday at 37.77 losing $0.39 (-1.02%) on low volume. Trading $0.27 higher after the open, Twenty-First Century was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 37.80, the share confirms its breakout through the prior session's low having traded $0.10 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for FOXA
Volatility

Thursday's trading range was $0.62 (1.63%), that's below last trading month's daily average range of $0.80. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar.

Support/Resistance

Breaking below the key support level at 37.89 today, it is now likely to act as resistance going forward. After having been unable to move above 38.27 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 38.32.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Selling might speed up should prices move below the nearby swing low at 37.43 where further sell stops could get activated.

Conclusion

While classical technical analysis indicates a very bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Twenty-First Century Fox
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Doji TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bearish Bounce off SMA 20 TQ Pro Members Only
Gravestone Doji TQ Pro Members Only
More market conditions identified for TQ Pro members...
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