Discovery has had three failed attempts to break above the 200 day moving average which also coincides with the downward trend resistance line.
It does look to be forming a falling wedge which means we could see a potential move from current levels down to the support zone of around R138.00/R140.00. I am looking to short the next bounce (possibly around R151.00).
Looking at momentum, the stochastic RSI looking very weak as we approach over-sold levels...bear in mind that prices can remain over-sold for an extended period of time.
It does look to be forming a falling wedge which means we could see a potential move from current levels down to the support zone of around R138.00/R140.00. I am looking to short the next bounce (possibly around R151.00).
Looking at momentum, the stochastic RSI looking very weak as we approach over-sold levels...bear in mind that prices can remain over-sold for an extended period of time.