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)