DISCA finds buyers at key support level


Discovery Communications-A (DISCA) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
DISCA finds buyers at key support level
DISCA finds buyers again around 25.60
DISCA stuck within tight trading range
DISCA closes within previous day's range after lackluster session
DISCA ends the day indecisive
TQ Sentiment
Report Sentiment: 25% Bullish
Technical Forecast:
Overview

DISCA finished the week -3.95% lower at 25.99 after losing $0.11 (-0.42%) today. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for DISCA
Volatility

Friday's trading range was $0.45 (1.73%), that's below last trading month's daily average range of $0.73. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 25.36 and 26.56 which it has been in now for the last three days.

Price Action

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

Support/Resistance

After trading as low as 25.60 during the day, the stock bounced off the key support level at 25.74. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 26.66. After having been unable to move lower than 25.51 in the prior session, Discovery found buyers again around the same price level today at 25.60.

Trend

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

Order Flow

Buying might speed up should prices move above the close-by swing high at 26.56 where further buy stops could get activated.

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 Discovery Communications-A
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
White Candle TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish Break through SMA 20 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

DISCA pushes through prior session high

Aug 16, 2018
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