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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Discovery Comm-A (NASDAQ:DISCA) based on the price action in the company's shares. Yesterday's price range of $27.10 and $27.49 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 Discovery Comm-A may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Discovery Comm-A has overhead space with shares priced $27.43, or 1.0% below the average consensus analyst price target of $27.71. The stock should run into initial resistance at its 50-day moving average (MA) of $27.98 and subsequent resistance at its 200-day MA of $28.46.

In the past 52 weeks, shares of Discovery Comm-A have traded between a low of $20.59 and a high of $34.89 and closed yesterday at $27.43, which is 33% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has risen 0.4%.

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 tracking the current trend status for Discovery Comm-A and will alert subscribers who have DISCA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle discovery comm-a

Ticker(s): DISCA