After four days of gains, News Corp falls 1.7% in pre-market trading after closing at $18.78 (+1.29%) yesterday

Expected lower market open set to test ongoing trend following yesterday's bullish close: after finishing Friday at $18.54, the mass media and publishing company went up by 1.29% yesterday and remained at the $18.78 level.

United States JOLTs Job Openings (Apr) is next today at 14:00 UTC.

News Corp's uptick comes amid good United States macroeconomic data released during the day — United States Consumer Confidence beat the 99 projections, with 102.3.

At the same time, United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Mar) released yesterday at 13:00 UTC with a figure of -1.1, while the previous figure was 0.4.

Technical analysis of News Corp's past price action reveals multiple support and resistance levels: News Corp is 8 cents away from testing key resistance at $18.86. Peaking above this level could inspire market bulls and open the path to further gains. Price action remains constrained around the key Fibonacci level of $18.77 currently serving as resistance

This rally in News Corp's share price coincided with other communication services stocks as Netflix gained 3.72%, as it traded at $393. AT&T was up 0.9%.

While News Corp was bullish yesterday, the following communication services stocks underperformed: Comcast went down 0.81%, closed at $39.48.

Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million. It previously stood at -12.46 million; data will be released tomorrow at 15:00 UTC.

Also worthy of note, as things stand, upcoming United States Initial Jobless Claims data is projected to fall short of market expectations with newly published data of 235,000, following on from the preceding figure of 229,000. New data is set to be published tomorrow at 12:30 UTC.

Furthermore, the market is looking at United States ADP Nonfarm Employment Change (May) is scheduled for tomorrow at 12:15 UTC.

The media giant has fallen back around 13.65% from the significant high of $21.47 set 3 months ago.