NWS dominated by bulls lifting the market higher throughout the day
News Corporation (NWS) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, NWS ended the month -2.53% lower at 11.95 after gaining $0.22 (1.88%) today, slightly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 11.76, the share confirmed its breakout through the previous session high after trading up to $0.23 above it intraday.
Daily Candlestick Chart (NWS as at Jun 30, 2020):
Tuesday's trading range has been $0.35 (2.99%), that's below the last trading month's daily average range of $0.43. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for NWS.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 15th, NWS gained 2.36% on the following trading day.
Prices are trading close to the key technical resistance level at 12.23 (R1).
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the close-by swing high at 12.23 where further buy stops might get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for News. Out of 272 times, NWS closed lower 52.94% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 54.04% with an average market move of -0.54%.