News Corp closed at $19.09 after losing 2.45% yesterday

Yesterday at a glance: in yesterday's bearish session, the mass media and publishing company shed around 2.45% in quick fashion, found support around the $19.08 level and finally closed at $19.09. In contrast, the day's events followed Monday's session in which the stock closed at $19.57.

While price action maintains a negative bias, United States Building Permits (May) released yesterday at 12:30 UTC with a figure of 1.49 million, while the previous figure was 1.15 million. United States Housing Starts improved upon its previous reading of -2.9% with a new data release of 21.7%. United States Housing Starts (May) came out at 1.63 million, while a consensus of analysts was expecting 1.4 million.

News Corp made an initial break below its 10 day Simple Moving Average at $19.22, a possible indication of a forthcoming negative trend. In contrast, News Corp could begin to recover as it approaches significant support, now 15 cents away from $18.94. Dipping below could be an indication that further losses are ahead.

Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting News Corp to extend its recent losses.

News Corp was not the only decliner in the communication services sector; Verizon went down to $35.81, losing 1.78% after it closed at $36.46 yesterday. AT&T closed at $15.78 (down 1.74%).

On the other hand, positive performances could be seen by looking at other communication services stocks as Meta Platforms traded at $284.33 after closing yesterday's trading day at $281 (up 1.19%).

Looking ahead, ongoing depreciation may be prolonged as United States Crude Oil Inventories projected to decline to 1.87 million while previous data was 7.92 million; data will be released tomorrow at 15:00 UTC.

In addition, United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released tomorrow at 12:30 UTC.

Furthermore, United States Existing Home Sales (May) is expected tomorrow at 14:00 UTC.

The stock has been trending positively for about a month. The media giant now trading 18.25% above its 3-month low of $14.95.