u s shares highlights discover financial services 2 85042015
<p>Discover Financial Services (DFS) – Bearish signals sighted at resistance Key elements Discover Financial Services has been consolidating within an “Expanding Triangle” configuration since 19 […]</p>
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Discover Financial Services (DFS) – Bearish signals sighted at resistance
Key elements
- Discover Financial Services has been consolidating within an “Expanding Triangle” configuration since 19 September 2014.
- Current price action has formed a “Bearish Engulfing” candlestick pattern right below the upper boundary of the “Expanding Triangle” at 66.75.
- The recent push up in price action from 16 December 2014 low has been accompanied by lacklustre volume.
- The RSI oscillator has flashed a bearish divergence signal.
- The gap support at 62.42 also corresponds closely with the 200-day Moving Average.
- The upper boundary of its long-term ascending channel in place since December 2011 is at 69.60 which also confluences with a Fibonacci projection level.
Key levels (1 to 3 months)
Pivot (key resistance): 66.75
Support: 62.42 & 60.15
Next resistance: 69.60
Conclusion
As long as the monthly pivotal resistance at 66.75 is not surpassed, Discover Financial Services is likely to shape a decline towards the gap support at 62.42.
However, a break above 66.75 is likely to see the continuation of the bullish trend to target the next resistance at 69.60.
Source: Charts are from eSignal
Disclaimer
The information contained in this material is intended for general circulation only. It should not be construed as a recommendation, or an offer (or solicitation of an offer) to buy or sell any financial products. The information provided does not take into account your specific investment objectives, financial situation or particular needs. Before you act on any recommendation that may be contained in this report, independent advice ought to be sought from a financial adviser regarding the suitability of the investment product, taking into account your specific investment objectives, financial situation or particular needs. All queries regarding the contents of this material are to be directed to City Index Asia Pte Ltd.
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