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Downtrend ExhaustionArchive
- 4/26/2024 -
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Discover Fincl. Svcs. (DFS) Technical Analysis
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| Summary:
| | Weekly :  | | Daily :
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| | It was a second consecutive positive week for the Discover Fincl. Svcs. (DFS). During the week, the DFS gained 2.35 points, or 1.87%, and closed at 127.70 on Friday, April 26, 2024. Weekly volume was -34% below average.
DFS is a member of Financials Sector. Financials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See DFS long-term trend chart]
A long-term downtrend had started on August 13, 2021 at 135.63 and reached 79.04 on October 27, 2023. DFS lost 56.59 points, or 41.72%, in 115 weeks. The chart has formed a Falling Channel chart pattern. The downtrend resistance line (76.42) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. DFS may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
 Medium-term trend: [See DFS medium-term trend chart]
A medium-term uptrend had started on October 27, 2023 at 79.04 and reached 131.65 on March 28, 2024. DFS gained -52.61 points, or -66.56%, in 21 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 117.61 and resistance is at 138.23. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a medium-term trend.
 Weekly Technical Indicators: [See DFS weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following link to access Williams' Percentage Range help.
The weekly MACD line is above its signal line since November 24, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
 Short-term trend: [See DFS short-term trend chart]
A short-term uptrend had started on April 16, 2024 at 119.31 and reached 130.57 on April 24, 2024. DFS gained -11.26 points, or -9.44%, in 8 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.
 Daily Technical Indicators: [See DFS daily technical indicators chart]
Daily Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic. Use the following link to access Lane's Stochastic help.
During the last week, daily MACD line has moved above its signal line. Such crossover is considered a bullish signal.
 Candlestick pattern: [See DFS candlestick chart pattern]
On Friday the chart has formed a Bullish Piercing Line Candlestick pattern. This pattern suggests bulls have begun to take charge of the market, and shorts have been shaken by the sudden lost of bearish momentum. The reliability of the Bullish Piercing Line pattern is moderate. Use the Technical Stock Screener to see the list of stocks that had a Bullish Piercing Line Candlestick pattern during the last week.
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