Bullish phase under threat as News Corp stays range-bound

While News Corp is on an 8 day uptrend Yesterday's session put the brakes on the ongoing uptrend — News Corp was steady yesterday maintaining a $19.02 – $19.25 range before closing at $19.21.

This uncertain state for News Corp is reflected by published market data as United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 172,400, while the previous figure was 162,600. United States CFTC Gold speculative net positions came out at 175,600. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 8,800, while the previous figure was 8,500.

News Corp made an initial breakout above its 3 day Simple Moving Average at $19.19, a potential indicator of a newly emerging bullish phase. News Corp is currently alternating around $19.07 with price action moving above and below this key level throughout the session. On the other hand, note that News Corp's upper Bollinger Band® is at $19.39, suggesting that a downward move may follow.

Although price action remains in a stalemate, technical analysis suggests News Corp could be primed for a break to the upside.

Meanwhile, mixed performances were seen by other communication services stocks as Netflix was up 2.6%. AT&T slides down 0.75% yesterday to close at $16.07.

The stock has been trending positively for about 30 days. The past 3 months have been positive for the media giant as it added 17.9% compared to its 3-month low of $14.95.