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DISCK finds buyers around 21.59 for the third day in a row


Technical Analysis Report for DISCK - May 17, 2018 [1 min read]
Highlights
DISCK breaks key support level
DISCK finds buyers around 21.59 for the third day in a row
DISCK dominated by bears dragging the market lower throughout the day
DISCK breaks below 100-day moving average
DISCK stuck within tight trading range
TQ Sentiment
Technical Forecast:
Overview

DISCK ended Thursday at 21.82 losing $0.63 (-2.81%). The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily chart for DISCK
Volatility

Thursday's trading range was $0.78 (3.49%), that's slightly below last trading month's daily average range of $0.81. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 21.47 and 22.61 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving higher in the previous session, Discovery closed lower but above the prior day's open today, forming a bearish Harami Candle.

Support/Resistance

Prices are trading close to a key support level at 21.35. Breaking below the key support level at 22.18 today, it is now likely to act as resistance going forward. The stock found buyers again today around 21.59 for the third trading day in a row after having found demand at 21.47 in the previous session and at 21.55 two days ago.

Trend

Though the share is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. The market broke below the 100-day moving average at 22.11 today for the first time since May 15th.

Order Flow

Selling might accelerate should prices move below the close-by swing low at 21.47 where further sell stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Price broke through Technical Support S1 TQ Pro Members Only
Bearish Break through SMA 100 TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Decisive Down Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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