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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in News Corp (NASDAQ:NWSA) based on the price action in the company's shares. Today's price range of $12.26 and $12.67 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.

There is potential upside of 45.2% for shares of News Corp based on a current price of $12.30 and an average consensus analyst price target of $17.87. News Corp shares should encounter resistance at the 200-day moving average (MA) of $13.14 and support at the 50-day MA of $12.16.

Over the past year, News Corp has traded in a range of $10.21 to $16.27 and is now at $12.30, 21% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.9%.

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 recommended that subscribers consider buying shares of News Corp on March 14th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.64. Since that recommendation, shares of News Corp have risen 9.2%. We continue to monitor NWSA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle News Corp

Ticker(s): NWSA