Twenty-First Century Fox Inc. (FOXA) has been in the news recently on talk that Disney (DIS) is supposedly talking to the company about a merger of their entertainment assets and infrastructure. It is hard for me to assess what might be happening behind closed doors or at a quiet table or out on the golf course. I cannot be a fly on the wall, so I fall back to the charts and indicators.
In this Point and Figure chart of FOXA, below, we can see a potential upside price target being projected to $34.50. Two price points to watch will be $28.65, which will be the first "breakout" and then $29.52 is the second point to monitor.
Bottom line: It is very hard, in my opinion, to trade "news" that is non-public. FOXA has made a "knee-jerk" rally and we could see further sharp moves, but they could be up and down.