A quick look at yesterday: an influx of buyers helped News Corp to end the session higher around $16.13, while establishing a $16.12 to $16.83 session range yesterday.
At the same time, United States NY Empire State Manufacturing Index (Oct) came out at -9.1, while a consensus of analysts was expecting -4.
News Corp made an initial breakout above its 50 day Simple Moving Average at $16.76, a potential indicator of a newly emerging bullish phase. In contrast, Bollinger band analysis indicates that current price action is approaching the upper band at $16.43, thereby suggesting that News Corp is becoming overvalued. Although News Corp is appreciating today after rising as high as $16.83, price action is now slowing and consolidating around 47 cents below the $16.6 resistance level.
With all probabilities considered, today's gains in News Corp have only added further momentum to existing technical factors favoring greater bullish sentiment in the days to come.
This rally in News Corp's share price coincided with other communication services stocks as Meta Platforms traded at $134.04 after closing yesterday's trading day at $126.76 (up 5.74%). Netflix added 6.57% to its value, and traded at $245.1. Alphabet traded at $100.78 after closing yesterday's trading day at $97.18 (up 3.7%).
Furthermore, the market is looking at as things stand, upcoming United States Crude Oil Inventories data is projected to fall short of market expectations with newly published data of 1.55 million, following on from the preceding figure of 9.88 million. New data is set to be published tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Building Permits (Sep) will be released tomorrow at 12:30 UTC.
Having set a significant high of $24.37 21 days ago, News Corp is trading 4.35% lower.