61.8% Retracement on FOX Twenty-First Century FOX
Happy Monday – Markets closed out slightly higher after earnings misses on 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.