DFS finds buyers again around 77.17

Discover Financial Services (DFS) Technical Analysis Report for Sep 14, 2018

Highlights

DFS dominated by bulls lifting the market higher throughout the day
DFS unable to break through key resistance level
DFS ends the day on a bullish note closing near the high of the day
DFS finds buyers again around 77.17
DFS closes within previous day's range

TQ Sentiment

Report Sentiment: 42% Bullish
Technical Forecast:

Overview

DFS finished the week 0.49% higher at 77.84 after gaining $0.74 (0.96%) today on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for DFS

Volatility

Friday's trading range was $0.83 (1.08%), that's slightly below last trading month's daily average range of $0.95. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Unable to break through the key technical resistance level at 77.86, the market closed below it after spiking as high as 78.00 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move lower than 77.05 in the previous session, the share found buyers again around the same price level today at 77.17.

Trend

Although the stock is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Order Flow

Selling could speed up should prices move below the close-by swing low at 77.05 where further sell stops might get triggered.

Conclusion

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

Market Conditions for Discover Financial Services

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