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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish 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 $32.02 and $32.29 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 Discovery Comm-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Discovery Comm-A (NASDAQ:DISCA) is currently priced 14.1% above its average consensus analyst price target of $27.71. Discovery Comm-A shares have support at the 50-day moving average (MA) of $31.43 and additional support at the 200-day MA of $29.46.

Discovery Comm-A share prices have moved between a 52-week high of $33.65 and a 52-week low of $23.79 and closed yesterday at 36% above that low price at $32.25 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.1% while the 200-day MA has risen 0.3%.

Discovery, 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 serves customers worldwide.

SmarTrend recommended that subscribers consider buying shares of Discovery Comm-A on October 18th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $28.21. Since that recommendation, shares of Discovery Comm-A have risen 13.8%. We continue to monitor DISCA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle discovery comm-a

Ticker(s): DISCA