News Corp.

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Nearest Resistance: $28.50
Nearest Support: $25.50
Catalyst: Earnings, Cut Expectations

News Corp. ( NWSA) is getting attention after earnings today, with shares down more than 2.3% as I write. No, that doesn't mean that the firm's numbers were bad -- only that Wall Street expected them to be better. All told, the firm earned $1.03 per share, meeting analysts' expectations for the quarter. The selling is coming as a result of a cut to the firm's 2013 expectations.

More important, today's price action points to more downside in shares. NWSA had been trending higher for all of 2013, failing to establish any meaningful support levels along the way. For that reason, the nearest strong pocket of demand for shares looks like $25.50, which is not something that investors want to hear right now. If you're looking for a place to jump into NWSA at lower levels, wait for it to find support first.

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