NWSA closes higher for the 3rd day in a row
News Corporation (NWSA) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, NWSA finished Thursday at 9.16 gaining $0.44 (5.05%), notably underperforming the S&P 500 (6.24%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (NWSA as at Mar 26, 2020):
Thursday's trading range has been $0.68 (7.74%), that's slightly below the last trading month's daily average range of $0.81. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NWSA.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 13th, NWSA actually lost -3.15% on the following trading day.
Prices are trading close to the key technical resistance level at 9.45 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for News. Out of 341 times, NWSA closed lower 53.96% 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 54.55% with an average market move of -0.23%.