DISCA dominated by bears dragging the market lower throughout the day


Discovery Inc. Series A Common Stock (DISCA) Technical Analysis Report for Jul 07, 2020 | by Techniquant Editorial Team

Highlights

DISCA breaks below key technical support level
DISCA dominated by bears dragging the market lower throughout the day
DISCA breaks below Monday's low

Overview

DISCA ended Tuesday at 20.36 losing $0.88 (-4.14%), strongly underperforming the S&P 500 (-1.08%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Monday's low at 20.73, Discovery confirmed its breakout through the previous session low after trading up to $0.46 below it intraday.

Daily Candlestick Chart (DISCA as at Jul 07, 2020):

Daily technical analysis candlestick chart for Discovery Inc. Series A Common Stock (DISCA) as at Jul 07, 2020

Tuesday's trading range has been $0.80 (3.8%), that's below the last trading month's daily average range of $1.11. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DISCA.

Two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and one bearish pattern, the Black Candle. The last time a Bullish Hikkake Pattern showed up on May 11th, DISCA actually lost -2.71% on the following trading day.

Prices broke below the key technical support level at 20.89 (now R1), which is likely to act as resistance going forward.

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

Trading close to May's low at 18.56 we might see further downside momentum if potential sell stops at the level get triggered.


Market Conditions for DISCA as at Jul 07, 2020

Loading Market Conditions for DISCA (Discovery Inc. Series A Common Stock)...
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Discovery Inc. Series A Common Stock traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!