News Corp closed at $17.42 yesterday, after nine straight days of gains

Yesterday at a glance: News Corp spiked to $17.48 yesterday and consolidated before initiating a fresh rally to $17.42. This comes following Friday's session in which it closed at $17.27.

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

At the same time, United States ISM Manufacturing PMI (Mar) released yesterday at 14:00 UTC with a figure of 46.3, while the previous figure was 47.7. United States ISM Manufacturing Employment (Mar) came out at 46.9, while a consensus of analysts was expecting 50. United States ISM Manufacturing Prices (Mar) came out at 49.2, while a consensus of analysts was expecting 51.2.

Concerning technical analysis and more specifically, trend indicators, investors are seeking long positions as News Corp price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Analysis based on the asset volatility indicates that News Corp's upper Bollinger Band® is at $17.48, this is a slight indication of a slowdown. Technical chart analysis shows News Corp is 12 cents away from testing key resistance at $17.54. Peaking above this level could inspire market bulls and open the path to further gains.

Overall, while News Corp has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.

A look at other communication services stocks also showed bullish price action as Alphabet traded at $104.91 after closing yesterday's trading day at $104 (up 0.87%). Verizon traded at $39.22 after closing yesterday's trading day at $38.89 (up 0.85%). T-Mobile was up 1.33%.

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 -1.8 million. It previously stood at -7.49 million; data will be released tomorrow at 14:30 UTC.

Furthermore, the market is looking at United States ADP Nonfarm Employment Change (Mar) is scheduled for tomorrow at 12:15 UTC. United States JOLTs Job Openings (Feb) will be released today at 14:00 UTC.

Having set a significant high of $22.11 a year ago, the media giant is trading 21.89% lower.