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April 30, 2023
Friday at a glance: an influx of buyers helped the mass media and publishing company to end the session higher around $17.61, while establishing a $17.1 to $17.61 session range Friday.
News Corp made an initial breakout above its 200 day Simple Moving Average at $17.48, a potential indicator of a newly emerging bullish phase. On the other hand, note that News Corp's upper Bollinger Band® is at $17.77, this is a slight indication of a slowdown. News Corp could be slowing down soon as it approaches resistance at $17.78. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems News Corp likely to continue pointing upward in the short term.
This rally in News Corp's share price coincided with other communication services stocks as Comcast gained 2.73%, as it traded at $41.37. Netflix traded at $329.93 after closing Friday's trading day at $325.85 (up 1.25%).
While News Corp was bullish Friday, the following communication services stocks underperformed: T-Mobile lost 4.03% Friday and closed at $143.9.
Also worthy of note, United States ISM Manufacturing PMI (Apr) will be released tomorrow at 14:00 UTC.
Having soared to a high of $21.47 approximately 2 months ago, the mass media and publishing company is now trading 20.12% lower.
