Discovery Cycle Hinting at Good Earnings

runyamhere Updated   
Discovery has a bullish flag going into earnings, it has also confirmed 8 September as a cycle low. We can expect swift move upwards as price chases a weekly cycle high. The support of the 200 day moving average adds to the weight of evidence that price wants higher.

Con: The horizontal pink line is the fail point which is now R141.90, anything below this signals the bears are in control in pursuit of a weekly low, this serves as a stop-loss and/or an opening of a short trade. A slight worry also is that the previous cycle was left translated.
Discovery has failed, focus shifts to the bearish thesis.
Trade closed manually


The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.