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Possible Bullish Inside Day Candle Pattern Detected for Discover Financial Services (NYSE:DFS)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Discover Financial Services (NYSE:DFS) based on the price action in the company's shares. Yesterday's price range of $56.05 and $56.79 is within the prior day'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. Traders and investors interested in shares of Discover Financial Services may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Discover Financial Services (NYSE:DFS) has potential upside of 19.9% based on a current price of $56.55 and analysts' consensus price target of $67.81. The stock should discover initial support at its 200-day moving average (MA) of $52.63 and subsequent support at its 50-day MA of $51.35.

Over the past year, Discover Financial Services has traded in a range of $42.86 to $60.57 and closed yesterday at $56.55, 32% above that low. The 200-day and 50-day moving averages have moved 0.15% lower and 1.39% higher over the past week, respectively.

Discover Financial Services is a credit card issuer and electronic payment services company. The Company issues credit cards and offers student and personal loans, as well as savings products such as certificates of deposit and money market accounts and operates an automated teller machine(ATM)/debit network, which includes ATMs, aswell as POS terminals nationwide.

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

Keywords: bullish am inside day candle discover financial services

Ticker(s): DFS