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Possible Bearish Inside Day Candle Pattern Detected for Discover Financi (NYSE:DFS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Discover Financi (NYSE:DFS) based on the price action in the company's shares. Yesterday's price range of $43.30 and $44.49 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. Owners of Discover Financi may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Discover Financi share prices have been bracketed by a low of $23.25 and a high of $92.98 and closed yesterday at $42.97, 85% above that low price. Over the past week, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has declined 5.8%.

Discover Financial Services operates as 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. Discover Financial Services manages automated teller machine networks.

There is potential upside of 102.7% for shares of Discover Financi based on a current price of $42.97 and an average consensus analyst price target of $87.08. The stock should find initial resistance at its 50-day moving average (MA) of $44.76 and further resistance at its 200-day MA of $72.68.

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

Keywords: bearish am inside day candle discover financi

Ticker(s): DFS