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News Corp (NWS) at Wedge Support Area

News Corporation $NWS has been in consolidation mode throughout 2018 after it touched at $17.70 back in January. On the daily chart, we can see that price has been essentially trading in a falling wedge pattern.

NWS Daily Chart

(click to enlarge)

Falling Wedge Support:
- The daily chart also shows price trading just above the wedge support.
- We also saw a bullish engulfing candle from Friday's (7/6) price action.
- This suggests a reversion towards the center of the wedge, which means at least towards $16.00. 
- If price fails to push above $16, there is still downside towards $14.90-$15.00, which will be a critical support area. 

Critical Support:
- The $14.90-$15.00 area is important because this involves a previous resistance pivot area that might turn into support.
- We can also see a rising trendline on the weekly chart, that will challenge the dip if price gets to $15.00
- The RSI has surged to above 70 in December, and has been retreating since January. It is still above 40, which reflects maintenance of the prevailing bullish momentum in 2017.
- Basically, the 2017 price action was a key bullish breakout, and the 2018 price action so far has been a correction from that rally.
- Now, as this correction cycle approaches its end, we should get ready for a bullish push with upside to at least the $17.50 area. 
- For now, we should limit our upside to the all-time high from 2013, in the $18-$18.25 area .

NWS Weekly Chart

(click to enlarge)

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