Yesterday at a glance: without a clear direction, News Corp closed at $17.94 while ranging between $17.53 and $18.05.
United States Existing Home Sales (Oct) is next.
Uncertainty around News Corp is reflected by published market data as United States Philadelphia Fed Manufacturing Index (Nov) came out at -19.4, while a consensus of analysts was expecting -6.2. Data for United States Initial Jobless Claims published yesterday at 13:30 UTC came out at 222,000, beating projections of 225,000 and showing improvement over the preceding figure of 226,000. United States Building Permits (Oct) released yesterday at 13:30 UTC with a figure of 1.53 million, while the previous figure was 1.56 million.
News Corp is climbing away and is now 60 cents from the $17.34 support line. News Corp made an initial breakout above its 5 day Simple Moving Average at $17.92, a potential indicator of a newly emerging bullish phase. Despite this, News Corp's upper Bollinger Band® is at $18.32, suggesting that a downward move may follow.
Although price action remains in a stalemate, technical analysis suggests News Corp could be primed for a break to the upside.
Meanwhile, mixed performances were seen by other communication services stocks as Netflix went down 3.51%, closed at $306. T-Mobile was up 2%. Meta Platforms went down 1.57%, closed at $113.23.
Data to be released today might clear up some of the market fog as United States Existing Home Sales (Oct) is scheduled for today at 15:00 UTC.
News Corp has recovered 19.8% since descending to a significant low of $14.95 around a month ago.