RobbyP

Discovery pulling a wedgy...

Short
JSE:DSY   DISCOVERY LTD
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.
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