Bullish phase under threat as News Corp stays range-bound

While News Corp is on a 6 day bullish trend, Yesterday's session put the brakes on the ongoing uptrend — News Corp was steady yesterday maintaining a $19.47 – $19.73 range before closing at $19.5.

Uncertainty around News Corp is reflected by published market data as United States Core PCE Price Index (YoY) (May) came out at 4.6, while a consensus of analysts was expecting 4.7. United States Core PCE Price Index (MoM) (May) released yesterday at 12:30 UTC with a figure of 0.3, while the previous figure was 0.4. United States CFTC S&P 500 speculative net positions released yesterday at 20:30 UTC with a figure of -208,300, while the previous figure was -239,300.

Technical analysis shows that News Corp is approaching key support, around 10 cents away from $19.4. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Technical analysis trend indicators suggest that investors are seeking long positions as News Corp price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Asset volatility analysis shows that News Corp's upper Bollinger Band® is at $19.78, suggesting that a downward move may follow.

Notwithstanding News Corp's appreciation in recent days, the technical outlook suggests its bullish run is now fading.

Meanwhile, mixed performances were seen by other communication services stocks as Netflix traded at $440.49 after closing yesterday's trading day at $428.24 (up 2.86%). Meta Platforms gained 1.94%, as it traded at $287.

The stock has been trending positively for about a month. The past 3 months have been positive for the mass media and publishing company as it added 14.88% compared to its 3-month low of $14.95.