In today's stock of the day, let's take a closer look at Fox Corporation, which is currently battling a crucial horizontal resistance. The resistance, marked around $47.70 (orange area), has been a significant level in the past and continues to hold influence over the price action.
Yesterday’s price action resulted in a shooting star candlestick pattern, reflecting a rejection at this key resistance. The long upper wick indicates that buyers attempted to break through but were ultimately overpowered by sellers by the session’s close. As it stands, this formation suggests caution for bulls—there’s no confirmed buy signal yet.
However, all hope is not lost for buyers. The price continues to respect the blue uptrend line, which has been guiding this recent recovery. As long as the price remains above this trendline, the positive sentiment remains intact.
What would turn the tide into a confirmed bullish breakout? A daily close above the $47.70 resistance area would confirm a buy signal and likely attract more bullish momentum. Until that happens, traders should remain watchful and wait for confirmation.