DFS finds buyers at key support level
Moving higher for the 10th day in a row, DFS finished Thursday at 77.83 gaining $0.40 (0.52%) on low volume. Today's closing price of 77.83 marks the highest close since March 12th. Trading up to $0.73 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 77.45, Discover Financial confirms its breakout through the prior session's high having traded $0.61 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Thursday's trading range was $1.40 (1.81%), that's slightly below last trading month's daily average range of $1.43. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way above average.
After trading as low as 76.66 during the day, the share bounced off the key support level at 77.01. The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Trading close to March's high at 79.34 we might see further upside momentum if potential buy stops at the level get activated.
Even though both sentiments are bullish for the next trading day, the classical technical analysis metrics are only bullish while our quantitative statistics show a very bullish sentiment.
Market Conditions for Discover Financial Services
|Close to R1 Resistance||TQ Pro Members Only|
|Strong Up Move||TQ Pro Members Only|
|Decisive Up Move||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
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