Potential next movement for Twenty-first Century Fox (FOXA)
At the moment there are two possibilities for FOXA:
1)Breakout up: We can break the downwards short term trendline and the green 50-day SMA, after that we will break out of the consolidation range and find resistance at the red lines.
2)Breakout down: We can break the support area of the consolidation range and the orange 100-day SMA, after that we will find support on the green lines and the 200-day SMA.
I think a break upwards would make more sense because both the RSI and the WT-indicator are pretty low and have much room to grow. But in the current state of the market anything can happen. I'll wait for a breakout and then go long or short.
1)Breakout up: We can break the downwards short term trendline and the green 50-day SMA, after that we will break out of the consolidation range and find resistance at the red lines.
2)Breakout down: We can break the support area of the consolidation range and the orange 100-day SMA, after that we will find support on the green lines and the 200-day SMA.
I think a break upwards would make more sense because both the RSI and the WT-indicator are pretty low and have much room to grow. But in the current state of the market anything can happen. I'll wait for a breakout and then go long or short.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.