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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 $28.31 and $28.59 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.

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.

Discovery Communications share prices have moved between a 52-week high of $34.94 and a 52-week low of $23.66 and are now trading 20% above that low price at $28.31 per share. The 200-day and 50-day moving averages have moved 0.41% lower and 0.53% higher over the past week, respectively.

Potential upside of 0.1% exists for Discovery Communications, based on a current level of $28.31 and analysts' average consensus price target of $28.35. Discovery Communications shares have support at the 200-day moving average (MA) of $28.07 and additional support at the 50-day MA of $27.94.

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

Keywords: bullish inside day candle Discovery Communications

Ticker(s): DISCA