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Risk-off sentiment pushes News Corp to 3.06% loss yesterday

03 November 2022

NWSA

A quick look at yesterday: News Corp plunged into the red after losing 3.06%, declining to $16.47.

Initial Jobless Claims data from United States will be released today at 12:30 UTC with analysts expecting a decline to 220,000. Potentially significant price fluctuations in News Corp are expected to follow.

Highly important Crude Oil Inventories data from United States beat analyst expectations of 367,000 with a reading of -3.12 million.

Meanwhile, United States Interest Rate released yesterday at 18:00 UTC with a figure of four, while the previous figure was 3.25. United States ADP Nonfarm Employment Change (Oct) came out at 239,000, while a consensus of analysts was expecting 195,000.

News Corp made an initial break below its 50 day Simple Moving Average at $16.44, a possible indication of a forthcoming negative trend. News Corp formed a session range of $16.42 to $17 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $16.62. Despite this, News Corp could begin to recover as it approaches significant support, now 21 cents away from $16.26. Dipping below could be an indication that further losses are ahead.

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; Meta Platforms lost 4.89% yesterday and closed at $90.54. Alphabet went down 3.79%, closed at $90.5. Netflix lost 4.8% yesterday and closed at $273.

Looking ahead, ongoing depreciation may be prolonged as tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 200,000 from the preceding figure of 263,000. Projections for United States Unemployment Rate are set for a continuation of decline with 3.6 while previous data was 3.5; data will be released tomorrow at 12:30 UTC.

Furthermore, United States ISM Non-Manufacturing PMI (Oct) is scheduled for today at 14:00 UTC.

After hitting an important low of $14.95 approximately a month ago, News Corp has bounced back 13.65% since.

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