Discover Breakout? |

Discover Breakout? |

Shares of Discover Financial Services (NYSE:) are trading at new all-time highs as the new week begins. The stock was up just over 3.5% at mid-day, placing it in the top 5 of the SPX gainers list. This powerful move extends Friday’s high volume gain(+3.6%). Analysts at Citigroup (NYSE:) raised the stock to ‘Buy’ earlier in the day.

Despite reaching new all-time high today, DFS is far from overbought. Daily MACD is near neutral.

Solid support is underneath. The $111.00 to $113.00 area has held the May, June and July lows.

We expect more upside in the near term. On the downside, a close back below $110.00 would be a clear warning sign that today’s breakout has failed.

Earnings are due on July 21.

Note: We have no position.

You can read Gary S. Morrow’s original post here.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Leave a comment

Send a Comment

Your email address will not be published.

Enter text shown below: