EarningsBeats.com Digest for December 14, 2020
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This December Seasonal Winner Looks Poised Technically As Well
21st Century Fox (FOXA) appears ready to rebound off of its 20 day EMA after six consecutive days of losses. One of my favorite scans at EarningsBeats.com is our Downtrend Reversal scan that's used to find potential reversal candidates on our various ChartLists. FOXA, a stock on our December seasonal ChartList (our 20 favorite December stocks on the
S&P 500 and/or NASDAQ 100), had printed lower highs for five consecutive days before reversing on Friday, printing a hammer in the process:
The PPO is very strong and accelerating, which normally suggests that a rising 20 day EMA will provide excellent support. It did on Friday. But there is one significant negative on this chart. FOXA belongs to the rapidly improving broadcasting & entertainment group ($DJUSBC), but it has been a major laggard in the group. It's moved to a fresh 52-week relative low. That doesn't necessarily keep me from trading it, but if it
reverses and moves back beneath its 20 day EMA, that could be problematic given its relative weakness. I don't like hanging onto trades involving relative strength losers.
Happy trading!
Tom Bowley, Chief Market Strategist
EarningsBeats.com
"Better Timing. Better Trades."
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