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May 15, 2023News Corp has posted further gains as part of a 3 day trend that has already seen the stock gain $1.5. Heading in the same direction for now — following Friday's session which closed at $18.16, News Corp went up to $18.8 today only to drop back and trade at $18.73.
At the same time, United States NY Empire State Manufacturing Index (May) came out at -31.8, while a consensus of analysts was expecting -3.7.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Bollinger Band® analysis indicates that current price action is approaching the upper band at $18.2, thereby suggesting that News Corp is becoming overvalued. Technical analysis of News Corp's past price action reveals multiple support and resistance levels: News Corp could be slowing down soon as it approaches resistance at $19.17. Of course, crossing it might suggest further gains are ahead.
Notwithstanding News Corp's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in News Corp's share price coincides with other communication services stocks as Meta Platforms gained 2.28%, currently at $239.15.
While News Corp is higher so far today, these communication services stocks are struggling: Verizon is trading around $37 (down 1.59%).
Moreover, macro data could boost sentiment further as United States Retail Sales is projected to outperform its last figure with 0.7%. It previously stood at -0.6%; data will be released tomorrow at 12:30 UTC. United States Core Retail Sales is projected to outperform its last figure with 0.4%. It previously stood at -0.4%; data will be released tomorrow at 12:30 UTC.
The media giant is now trading 15.42% below the significant high of $21.47 it set around 3 months ago.
