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U-turn? After three days of bearishness, News Corp is up 0.84% today

19 April 2023

NWSA

Although News Corp increased from $17.27 to $17.42, the stock dropped back and is now priced at $17.41.

United States's Crude Oil Inventories new data released of -4.58 million below its previous figure.

Nevertheless, highly important Crude Oil Inventories data from United States beat analyst expectations of -1 million with a reading of -4.58 million.

At the same time, United States Building Permits (Mar) came out at 1.41 million, while a consensus of analysts was expecting 1.45 million. United States Cushing Crude Oil Inventories released today at 14:30 UTC with a figure of -1 million, while the previous figure was -409,000.

News Corp made an initial breakout above its 10 day Simple Moving Average at $17.38, a potential indicator of a newly emerging bullish phase. In contrast, News Corp could be slowing down soon as it approaches resistance at $17.42. Of course, crossing it might suggest further gains are ahead.

Following today's unexpected gains, extensive multifactorial technical analysis forecasts News Corp to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the the media giant is expected to pick up significant bullish sentiment in the coming days.

Meanwhile, after closing the previous session (yesterday) at $333.7, Netflix lost $13.44 and is trading around $320.26. Meta Platforms is down to $215.82, losing 0.95%, after ending yesterday at $217.89. After closing the previous session (yesterday) at $38.94, Verizon lost 23.5 cents and is trading around $38.7.

Furthermore, the market is looking at United States Initial Jobless Claims projected to come out at 240,000 — worse than previous data of 239,000; data will be released tomorrow at 12:30 UTC.

Also worthy of note, United States Philadelphia Fed Manufacturing Index (Apr) scheduled to come out tomorrow at 12:30 UTC. United States Existing Home Sales (Mar) will be released tomorrow at 14:00 UTC.

The stock has been trending positively for about a month. The media giant has shed 8.48% over the past three months.

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