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March 05, 2023
Stable at $17.26 and still trending upwards, Friday's session put the brakes on the ongoing uptrend — without a clear direction, News Corp closed at $17.26 while ranging between $17.13 and $17.36.
News Corp made an initial break below its 5 day Simple Moving Average at $17.21, a possible indication of a forthcoming negative trend. In contrast, News Corp is climbing away and is now 12 cents from the $17.14 support line.
Despite the market lacking direction, technical chart analysis strongly suggests News Corp is positioned for a downward move in the near term.
Meanwhile, mixed performances were seen by other communication services stocks as Meta Platforms added 6.14% to its value, and traded at $185.25. Alphabet traded at $94 after closing Friday's trading day at $92.31 (up 1.85%).
Pointing downwards for around 29 days. The mass media and publishing company has fallen back around 24.83% from the significant high of $22.96 set 11 months ago.
