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Possible Bearish Inside Day Candle Pattern Detected for Discovery Comm-A (NASDAQ:DISCA)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Discovery Comm-A (NASDAQ:DISCA) based on the price action in the company's shares. Today's price range of $26.18 and $27.15 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Discovery Comm-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 4.7% exists for Discovery Comm-A, based on a current level of $26.46 and analysts' average consensus price target of $27.71. The stock should find initial support at its 50-day moving average (MA) of $23.16 and further support at its 200-day MA of $22.00.

Discovery Comm-A share prices have moved between a 52-week high of $30.25 and a 52-week low of $15.99 and are now trading 65% above that low price at $26.46 per share. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.3%.

Discovery Communications, Inc. provides non-fiction entertainment. The Company operates a wide range of educational television channels as well as offers consumer and educational products and services, and a diversified portfolio of digital media services.

SmarTrend is monitoring the recent change of momentum in Discovery Comm-A. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Discovery Comm-A in search of a potential trend change.

Keywords: bearish inside day candle discovery comm-a

Ticker(s): DISCA