NEWS CORP - CLASS A is setting up nicely for a breakout.

A possible breakout setup was detected on NEWS CORP - CLASS A (NASDAQ:NWSA) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NASDAQ:NWSA.

What is the technical picture of NASDAQ:NWSA telling us.

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Taking everything into account, NWSA scores 7 out of 10 in our technical rating. Although NWSA is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• The long and short term trends are both positive. This is looking good!
• NWSA is part of the Media industry. There are 99 other stocks in this industry. NWSA outperforms 91% of them.
• NWSA is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so NWSA is performing more or less in line with the market.
• When comparing the yearly performance of all stocks, we notice that NWSA is one of the better performing stocks in the market, outperforming 87% of all stocks. However, this overall performance is mostly based on the strong move around 4 months ago.
• In the last month NWSA has a been trading in the 20.11 - 22.32 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

For an up to date full technical analysis you can check the technical report of NWSA

How do we evaluate the setup for NASDAQ:NWSA?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NASDAQ:NWSA has a 8 as its setup rating:

Besides having an excellent technical rating, NWSA also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. There is a resistance zone just above the current price starting at 21.62. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 20.69, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

How to trade NASDAQ:NWSA?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

Our Breakout screener lists more breakout setups and is updated daily.

Disclaimer

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.