A 52 Week High for News Corp, will it Hold?

Published on Thursday, 09 August 2012 12:34 Written by TradersHuddle Wire

New York, August 9th (TradersHuddle.com) - Shares of News Corporation (NASDAQ:NWSA) booked a new 52 week high today by trading above $24.04, traders are definitely monitoring News' price action to see if this move attracts further buying into the stock.

News Corporation (NASDAQ:NWSA) is a diversified global media company. Its operations include the production and distribution of motion pictures and television programming. The Company provides television, direct satellite, and cable broadcasting and the publication of newspapers, magazines, books and promotional inserts. News Corp owns among other assets the Fox News Channel and the Times, Sun and Wall Street Journal newspapers.

News Corp is currently trading -0.3% versus its previous trading session close, and it has calculated support and resistance at $21.41 and $24.04 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading lower by -0.15% from its previous trading close, which means that News Corp stock is underperforming the overall market.