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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Discover Financi (NYSE:DFS) based on the price action in the company's shares. Yesterday's price range of $40.01 and $41.17 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 Discover Financi may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Discover Financi has traded in a range of $23.25 to $92.98 and closed yesterday at $40.48, 74% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 5.7% while the 200-day MA has slid 1.2%.

Discover Financi has overhead space with shares priced $40.48, or 53.5% below the average consensus analyst price target of $87.08. Discover Financi shares should first meet resistance at the 50-day moving average (MA) of $41.56 and find additional resistance at the 200-day MA of $71.65.

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.

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: bullish am inside day candle discover financi

Ticker(s): DFS