Will FOX CORP - CLASS A breakout?

Our stock screener has spotted FOX CORP - CLASS A (NASDAQ:FOXA) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NASDAQ:FOXA.

In-Depth Technical Analysis of NASDAQ:FOXA

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.

Overall FOXA gets a technical rating of 8 out of 10. Although FOXA 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!
• FOXA is one of the better performing stocks in the Media industry, it outperforms 81% of 96 stocks in the same industry.
• FOXA is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so FOXA is lagging the market slightly.
• In the last month FOXA has a been trading in the 32.76 - 34.91 range, which is quite wide. It is currently trading near the high of this range.
• When comparing the performance of all stocks over the past year, FOXA turns out to be only a medium performer in the overall market: it outperformed 67% of all stocks.

Check the latest full technical report of FOXA for a complete technical analysis.

Looking at the Setup

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NASDAQ:FOXA currently has a 9 as setup rating:

FOXA has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 34.79. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 34.41, a Stop Loss order could be placed below this zone. Another positive sign is the recent Pocket Pivot signal.

Trading breakout setups.

One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

More breakout setups can be found in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.