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Twenty-First Century Fox (FOXA) In a Bullish Continuation Breakout

Twenty-First Century Fox $FOXA has been consolidating since it retreated from $50 a share in late-June/early-July. The daily chart shows price action shifting from the initial correction to a sideways consolidation. Recently, we saw a little more volatility followed by a bullish push, suggesting a bullish continuation is already under way.

FOXA Daily Chart

(click to enlarge)

Bullish Outlook:
- Price action itself shows bullish signs.
- It has remained above the 200- and 100-day simple moving averages (SMAs), and is now even back above the 50-day SMA.
- Furthermore, note that the RSI tagged above 70, and then held above 40. This also suggests a buildup of bullish momentum.
- FOXA has upside to at least the $50 high on the year with a strong potential of breaking higher in continuation of the prevailing uptrend. 
- At this point, a break below $45 would be needed to invalidate the bullish outlook. Instead, if we see a pullback, we can expect support at or above $46 if the market is indeed bullish on FOXA

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