The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

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- 5/31/2024 -
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FOX ENTMT GROUP (FOX) Technical Analysis

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Summary:
Weekly :Overbought sectorLane's Stochastic is overboughtWilliams' Percentage Range is strongly overboughtBroken trend resistance line
Daily :Williams' Percentage Range and Lane's Stochastic are overboughtLane's Stochastic and MACD bearish divergenceDaily  MACD line has moved above its signal lineThe price is above the upper Bollinger Band
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It was a second consecutive positive week for the FOX ENTMT GROUP (FOX). During the week, the FOX gained 0.81 points, or 2.60%, and closed at 31.94 on Friday, May 31, 2024. Weekly volume was 67% above average.

FOX is a member of Communication Services Sector. Communication Services is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See FOX long-term trend chart]
A long-term downtrend had started on February 10, 2022 at 40.91 and reached 25.82 on March 6, 2024. FOX lost 15.09 points, or 36.89%, in 107 weeks. The chart has formed a Descending Triangle chart pattern. The downtrend resistance line (25.72) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. FOX may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See FOX medium-term trend chart]
A medium-term uptrend had started on March 6, 2024 at 25.82 and reached 32.18 on May 31, 2024. FOX gained -6.36 points, or -24.63%, in 12 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 31.06 and resistance is at 32.90. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a medium-term trend.

Weekly Technical Indicators: [See FOX weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is above its signal line since March 22, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help.

Short-term trend: [See FOX short-term trend chart]
A short-term uptrend had started on May 22, 2024 at 30.10 and reached 32.18 on May 31, 2024. FOX gained -2.08 points, or -6.91%, in 9 days. The price is now at the 11.54% retracement level.

Daily Technical Indicators: [See FOX daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range and Lane's Stochastic. Daily Lane's Stochastic and MACD have bearish divergence. Use the following links to access the Lane's Stochastic and MACD help, or use the Technical Stock Screener to see the list of stocks with daily Lane's Stochastic and MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal.

During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 65.53
Williams' Percentage Range (W%R) 15.30
Overbought
Lane's Stochastic (%D-Slow) 88.54
Overbought Bearish
Greed/Fear Indicator (GFI) 79.58
Moving Average Converg./Diverg. (MACD) 0.57 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 68.80
Williams' Percentage Range (W%R) 7.00
Strong Overbought
Lane's Stochastic (%D-Slow) 88.78
Overbought
Greed/Fear Indicator (GFI) 83.43
Overbought
Moving Average Converg./Diverg. (MACD) 0.00
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 32.90
Price 31.94
Daily Stochastic Crossing 31.88
Upper Bollinger Band 31.72
Weekly Stochastic Crossing 31.67
Quarterly Trendline Support 31.06
Parabolic System 30.87
20 Day Moving Average 30.71
Lower Bollinger Band 29.50
50 Day Moving Average 29.38
Yearly Trendline Resistance 26.20
Yearly Trendline Support 25.72
Sector and Industry
Description Name Rank
Sector Communication Services 10
Industry Movies & Entertainment 97
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 30.10
Low Date 05/22/2024
High 32.18
High Date 05/31/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 30.10
Low Date 05/22/2024
High 32.18
High Date 05/31/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 30.10
Low Date 05/22/2024
High 32.18
High Date 05/31/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 32.90
Support 31.06
Low 25.82
Low Date 03/06/2024
High 32.18
High Date 05/31/2024
Description Value
Direction Down
Chart Pattern Descending Triangle
Status Broken Resistance
Resistance 26.20
Support 25.72
High 40.91
High Date 02/10/2022
Low 25.82
Low Date 03/06/2024
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.