DFS breaks below prior session low


Discover Financial Services (DFS) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
DFS closes below its opening price unable to hold early session gains
DFS finds buyers at key support level
DFS ends the day on a bearish note closing near the low of the day
DFS breaks below previous session low
TQ Sentiment
Report Sentiment: 75% Bearish
Technical Forecast:
Overview

DFS finished the week 1.61% higher at 74.52 after losing $1.15 (-1.52%) today on high volume. Trading $0.52 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 75.25, the market confirms its breakout through the prior session's low having traded $0.86 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for DFS
Volatility

Friday's trading range was $0.90 (1.2%), that's below last trading month's daily average range of $1.18. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being above average.

Support/Resistance

After trading as low as 74.39 during the day, the stock bounced off the key support level at 74.42. The failure to close below the support could increase that levels importance as support going forward.

Trend

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Trading close to June's high at 76.55 we might see further upside momentum if potential buy stops at the level get triggered.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Discover Financial Services
Condition Forecast Direction Win Avg Worst Best Events
White Candle TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
Bullish Short Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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