A quick look at yesterday: in yesterday's bearish session, the mass media and publishing company shed around 1.52% in quick fashion, found support around the $18.05 level and finally closed at $18.2. In contrast, the day's events followed Tuesday's session in which the stock closed at $18.48.
Initial Jobless Claims data from United States will be released today at 13:30 UTC with analysts expecting a decline to 230,000. Potentially significant price fluctuations in News Corp are expected to follow.
United States Crude Oil Inventories fell short of the -3.31 million projections, with new data of -5.19 million.
Meanwhile, United States Cushing Crude Oil Inventories came out at -373,000, while a consensus of analysts was expecting -841,000. United States Unit Labor Costs (QoQ) (Q3) released yesterday at 13:30 UTC with a figure of 2.4, while the previous figure was 3.5.
Although News Corp is down today and was as low as $18.05, it seems to be recovering slightly and climbing away from the $18.29 support line and is now 9 cents above it. The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. Price action remains constrained around the key Fibonacci level of $18.18 currently serving as support. If price action breaks below, the next Fib hurdle is $17.41.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting News Corp to extend its recent losses.
News Corp was not the only decliner in the communication services sector; Alphabet went down 2.22%, closed at $97.31.
On the other hand, positive performances could be seen by looking at other communication services stocks as Verizon was up 0.76%. AT&T added 0.68% to its value, and traded at $19.3.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Initial Jobless Claims expected to decline to 230,000 while its preceding data was 225,000, data will be available today at 13:30 UTC.
Furthermore, United States Producer Price Index is expected tomorrow at 13:30 UTC.
2 months ago, the mass media and publishing company fell to a low of $14.95 but has since recovered 23.61%.