DFS finds buyers at key support level


Discover Financial Services (DFS) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
DFS closes above its opening price after recovering from early selling pressure
DFS finds buyers at key support level
DFS closes higher for the 10th day in a row
DFS ends the day on a bullish note closing near the high of the day
DFS pushes through previous session high
TQ Sentiment
Report Sentiment: 66% Bullish
Technical Forecast:
Overview

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.

Daily chart for DFS
Volatility

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Trading close to March's high at 79.34 we might see further upside momentum if potential buy stops at the level get activated.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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
More market conditions identified for TQ Pro members...
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