January 23 Chart of the Day - Fox Corporation
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
Fox Corporation (FOX) is a prominent U.S.-based company delivering news, sports, and entertainment content.
It’s a brand that often sparks polarizing opinions—people either love to hate them or hate to love them.
Setting politics aside, FOX’s share price has been on a strong upward trend over the past nine months. With earnings scheduled for February 4 before the market opens, we’ve taken a closer look at their chart from a price action technical analysis perspective.
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Monthly Chart
On the monthly chart we can see that after setting its $51.88 all time high (ATH) back in 2019 price fell dramatically and swiftly during the global pandemic crisis all the way down under $20.
Since then, price has made a remarkable comeback carving out a long volatile series of higher highs and higher lows (an uptrend).
Weekly Chart
On the weekly chart we can see with much more clarity the fall from ATHs, and the relentless and wild price swings both up and down.
On the way down price consistently made lower highs and lower lows until it didn't...
Trading around $45.90 earlier today price may have a big upcoming decision to make in the form of previous support/resistance or may even want higher.
Seemingly, the $44 level appears to be a key level as if price can continue holding above it then ATHs or even higher could be the next up. However, if price can't find its way to hold $44 area then it may want to fade back to the $40 or lower area.
It goes without saying though, the only guarantee in the markets is that price cycles. It cycles up and it cycles down across all time frames and all charts and rarely, if ever, moves in a straight line.
Only time will tell for sure what price will do next...
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
