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May 26, 2023
Yesterday at a glance: a quiet day for News Corp as it remained range-bound within a $18.14 – $18.43 range before closing at $18.23.
Uncertainty around News Corp is reflected by published market data as United States Pending Home Sales released earlier showed a marked improvement to 0% from the preceding data of -5.2%, but fell short of the 0.5% figure forecast by a consensus of market analysts. Highly important GDP data from United States beat analyst expectations of 1.1 with a reading of 1.3. United States Initial Jobless Claims beat the 250,000 projections, with 229,000.
News Corp is climbing away and is now 12 cents from the $18.11 support line. News Corp made an initial breakout above its 10 day Simple Moving Average at $18.32, a potential indicator of a newly emerging bullish phase. 'Bullish Harami' is a candlestick chart indicator used for detecting reversals in an existing bear trend. It is generally indicated by a small price increase that's contained within a broader downward price movement and is commonly associated with a bearish trend coming to an end.
Despite muted price action in News Corp, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances were seen by other communication services stocks as AT&T went down to $15.15, losing 5% after it closed at $15.95 yesterday. Verizon falls 2.93% yesterday to close at $35.87. Alphabet gained 2.23%, as it traded at $124.35.
Data to be released today might clear up some of the market fog as today at 12:30 UTC data for United States Core Durable Goods Orders will be released, with an expected decline to 0% from the preceding figure of 0.3%. United States Core PCE Price Index (MoM) (Apr) is scheduled for today at 12:30 UTC.
The media giant has fallen back around 15.14% from the significant high of $21.47 set 3 months ago.
