| 
May 05, 2023
A quick look at yesterday: after closing the previous trading day at $17.03 and dropping to $16.64, the media giant closed yesterday at $16.72. By the end of the session, News Corp gave up a total of 1.82%.
Unemployment Rate data from United States will be released today at 12:30 UTC with analysts expecting a decline to 3.6. Potentially significant price fluctuations in News Corp are expected to follow.
Highly important Initial Jobless Claims data from United States beat analyst expectations of 240,000 with a reading of 242,000.
Amid the market gloom, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.50 trillion, while the previous figure was 8.56 trillion. United States Reserve Balances with Federal Reserve Banks released yesterday at 20:30 UTC with a figure of 3.17 trillion, while the previous figure was 3.13 trillion.
Despite being in the red so far in the current trading session, News Corp peaked above its 50 day Simple Moving Average around $16.92 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $16.64, a low enough level to, generally, suggest that News Corp is trading below its fair value. News Corp could begin to recover as it approaches significant support, now 15 cents away from $16.57. Dipping below could be an indication that further losses are ahead. On the other hand, note that price action remains constrained around the key Fibonacci level of $16.71 currently serving as support. If price action breaks below, the next Fib hurdle is $16.51.
Overall, looking at the technical analysis landscape, it seems News Corp —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
News Corp was not the only decliner in the communication services sector; Verizon dips 1.66% yesterday to close at $37.98. Comcast closed at $40.22 (down 1.64%). Meta Platforms retreats 1.48% yesterday to close at $237.03.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Non Farm Payrolls are set for a continuation of decline with 180,000 while previous data was 236,000; data will be released today at 12:30 UTC. United States Unemployment Rate expected to decline to 3.6 while its preceding data was 3.5, data will be available today at 12:30 UTC.
The mass media and publishing company is now trading 20.72% below its 3-month high of $21.47.
