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NWS unable to break through key resistance level


Technical Analysis Report for NWS - May 17, 2018 [1 min read]
Highlights
Traders officially love to sell NWS against 16.35 level
NWS closes below its opening price unable to hold early session gains
NWS unable to break through key resistance level
NWS fails to close above 50-day moving average
NWS stuck within tight trading range
TQ Sentiment
Technical Forecast:
Overview

NWS finished Thursday at 16.20 losing $0.05 (-0.31%) on high volume. Trading $0.10 higher after the open, News Corp. was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for NWS
Volatility

Thursday's trading range was $0.25 (1.54%), that's slightly below last trading month's daily average range of $0.35. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 15.95 and 16.40 which it has been in now for the last three days.

Price Action

In spite of a strong opening the market closed below the prior day's open and close, forming a bearish Engulfing Candle. After moving higher in the previous session, the share closed lower but above the prior day's open today, forming a bearish Harami Candle.

Support/Resistance

Prices are trading close to a key support level at 16.08. Unable to break through the key technical resistance level at 16.30, the stock closed below it after spiking as high as 16.35 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. NWS was sold again around 16.35 after having seen highs at 16.40, 16.33 and 16.35 in the last three trading sessions. Obviously there is something going on at that level. After spiking up to 16.35 during the day, News Corp. found resistance at the 50-day moving average at 16.28.

Trend

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

Order Flow

Buying might accelerate should prices move above the close-by swing high at 16.40 where further buy stops could get activated.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Resistance R1 TQ Pro Members Only
Bearish Bounce off SMA 50 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bearish Engulfing Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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