NWS unable to break through key resistance level


News Corp. Class B (NWS) Technical Analysis Report for 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
Report Sentiment: 54% Bearish
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.

Market Conditions for News Corp. Class B
ConditionForecastDirectionWinAvgWorstBestEvents
White Candle TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Harami Candle TQ Pro Members Only
Bearish Bounce off SMA 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when News Corp. Class B traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Signup

Stocks Top Movers

ETHUSD 448.3514.61 3.37%
NKY 22,597.35409.39 1.85%
BTCUSD 6,363.5989.46 1.43%
DAX 12,540.7347.76 0.38%
INDU 25,019.4194.52 0.38%
DXY 94.500-0.065 -0.07%
USDJPY 112.36-0.17 -0.15%
GOLD 1,241.8-5.9 -0.47%
NATGAS 2.758-0.042 -1.50%
Start your day with the facts moving the markets
By clicking "Subscribe", you agree to our terms and privacy policy.

Related Stocks

ABBV 10 day candlestick chart for ABBV96.63 1.02
1.07%
ACN 10 day candlestick chart for ACN168.09 0.06
0.04%
ADBE 10 day candlestick chart for ADBE258.59 3.72
1.46%
AAP 10 day candlestick chart for AAP139.34 0.55
0.40%
AES 10 day candlestick chart for AES13.18 0.08
0.61%
AET 10 day candlestick chart for AET191.89 0.81
0.42%
AFL 10 day candlestick chart for AFL42.60 0.12
0.28%
AMG 10 day candlestick chart for AMG148.48 -0.68
-0.46%
A 10 day candlestick chart for A63.38 -0.07
-0.11%
ABT 10 day candlestick chart for ABT63.06 0.32
0.51%