DISCK closes lower for the 4th day in a row
Discovery Inc. (DISCK) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, DISCK ended the week -1.92% lower at 18.36 after losing $0.29 (-1.55%) today on low volume, notably underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing below Thursday's low at 18.59, the market confirmed its breakout through the previous session low after trading up to $0.30 below it intraday.
Daily Candlestick Chart (DISCK as at May 22, 2020):
Friday's trading range has been $0.61 (3.26%), that's below the last trading month's daily average range of $1.02. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for DISCK.
Two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Black Candle showed up on May 12th, DISCK lost -3.24% on the following trading day.
Prices are trading close to the key technical support level at 18.22 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.