DFS breaks below prior session low
Discover Financial Services (DFS) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (DFS as at Aug 10, 2018):
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.