DFS breaks below prior session low
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.
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.
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.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Trading close to June's high at 76.55 we might see further upside momentum if potential buy stops at the level get triggered.
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
|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|
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