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Possible Bullish Inside Day Candle Pattern Detected for Discovery Communications (NASDAQ:DISCA)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Discovery Communications (NASDAQ:DISCA) based on the price action in the company's shares. Today's price range of $25.76 and $25.90 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 Discovery Communications may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 23.6% exists for Discovery Communications, based on a current level of $25.83 and analysts' average consensus price target of $31.91. The stock should find initial resistance at its 50-day moving average (MA) of $27.94 and further resistance at its 200-day MA of $28.07.

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.

In the past 52 weeks, Discovery Communications share prices have been bracketed by a low of $23.66 and a high of $34.94 and are now at $25.83, 9% above that low price. The 200-day and 50-day moving averages have moved 0.41% lower and 0.53% higher over the past week, respectively.

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

Keywords: bullish inside day candle Discovery Communications

Ticker(s): DISCA