Newscorp is exhibiting a similar channel pattern to National Australia Bank and is testing the upside of that. Any upside break from this should be watched for increasing volume and a good clearance for this to be a change of trend. More likely at the moment this trendline touch will prove stiff resistance. Note the decreasing volume on the recent rise indicating a reduction in buying power. If this trendline upper boundary holds the bottom of the channel would be the next likely target.
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