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

By Amy Schwartz

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. Today's price range of $57.47 and $57.90 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. 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 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.

Discover Financial Services has overhead space with shares priced $57.78, or 14.8% below the average consensus analyst price target of $67.81. Discover Financial Services shares have support at the 200-day moving average (MA) of $52.63 and additional support at the 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 is now at $57.78, 35% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.4% while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Discover Financial Services on July 11th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $55.60. Since that recommendation, shares of Discover Financial Services have risen 3.3%. We continue to monitor DFS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle discover financial services

Ticker(s): DFS