61.8% Retracement on FOX Twenty-First Century FOX

Happy Monday – Markets closed out slightly higher after earnings misses in some big names including Alphabet.  But we have some great potential in FOX.  Consistent gains throughout 2019 with a major retracement back to the 61.8% level.  We have begun to see some strength off this pivotal point.  The reason this zone is especially important for FOX is because this is a prior point of resistance from a tight consolidation move in Q1 2018.

We have already seen traders have seen value at this point and you are seeing the potential of a quick move from 38.73  to the $45 range.  If price starts to fail back into the $35 range I consider this a failure zone.  This type of trade has high potential with relatively low risk if you keep your stops reasonable.

About the Author Ryan Olson

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