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.
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