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

By Shiri Gupta

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 $14.12 and $14.35 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.

News Corp has overhead space with shares priced $14.13, or 20.9% below the average consensus analyst price target of $17.87. News Corp shares have support at the 200-day moving average (MA) of $13.14 and additional support at the 50-day MA of $12.16.

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.

Over the past year, News Corp has traded in a range of $10.21 to $16.27 and is now at $14.13, 38% 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%.

SmarTrend recommended that subscribers consider buying shares of News Corp on July 20th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $12.43. Since that recommendation, shares of News Corp have risen 13.5%. We continue to monitor NWSA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle News Corp

Ticker(s): NWSA