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Possible Bearish Inside Day Candle Pattern Detected for News Corp (NASDAQ:NWS)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in News Corp (NASDAQ:NWS) based on the price action in the company's shares. Today's price range of $12.31 and $12.38 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of News Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 29.4% exists for News Corp, based on a current level of $12.36 and analysts' average consensus price target of $16.00. The stock should find initial resistance at its 50-day moving average (MA) of $12.70 and further resistance at its 200-day MA of $13.42.

In the past 52 weeks, News Corp share prices have been bracketed by a low of $10.73 and a high of $16.17 and are now at $12.36, 15% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.8%.

News Corporation is a diversified global media company. The Company's operations include the production and distribution of motion pictures and television programming. The Company provides television, direct satellite, and cable broadcasting and the publication of newspapers, magazines, books and promotional inserts.

SmarTrend is tracking the current trend status for News Corp and will alert subscribers who have NWS in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle News Corp

Ticker(s): NWS