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May 20, 2023A quick look at yesterday: pronounced bearish sentiment in the market pushed the mass media and publishing company into a notable 1% slide yesterday, falling 19 cents and ultimately closing at $18.58.
Amid the market gloom, United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 191,500, while the previous figure was 216,600. Fresh CFTC Gold speculative net positions data from United States came out at 179,800. United States CFTC Nasdaq 100 speculative net positions released yesterday at 20:30 UTC with a figure of 20,000, while the previous figure was 21,400.
Technical analysis shows that News Corp could begin to recover as it approaches significant support, now 13 cents away from $18.45. Dipping below could be an indication that further losses are ahead. Trend analysis indicates that News Corp made an initial break below its 5 day Simple Moving Average at $18.56, a possible indication of a forthcoming negative trend. Yesterday's price action generated a Japanese candlestick pattern showing a "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term.
Overall, while News Corp has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
News Corp was not the only decliner in the communication services sector; AT&T went down 1.45%, closed at $16.55. Netflix closed at $365.36 (down 1.6%).
On the other hand, positive performances could be seen by looking at other communication services stocks as T-Mobile added 0.62% to its value, and traded at $139.03.
Having soared to a high of $21.47 approximately 3 months ago, the media giant is now trading 12.58% lower.
