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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in News Corp (NASDAQ:NWSA) based on the price action in the company's shares. Today's price range of $10.69 and $10.83 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. Traders and investors interested in shares of News Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of News Corp have traded between a low of $10.21 and a high of $16.27 and are now at $10.70, which is 5% above that low price. 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.

News Corp (NASDAQ:NWSA) has potential upside of 67.0% based on a current price of $10.70 and analysts' consensus price target of $17.87. The stock should find initial resistance at its 50-day moving average (MA) of $12.16 and further resistance at its 200-day MA of $13.14.

SmarTrend recommended that its subscribers protect gains by selling shares of News Corp on May 18th, 2016 by issuing a Downtrend alert when the shares were trading at $11.59. Since that call, shares of News Corp have fallen 8.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle News Corp

Ticker(s): NWSA