Discovery (DSY) 15341c - approaching a level of interest/potential technical distribution zone. At an 18 price earnings ratio, the shares appear elevated however the growth profile would attract the rating. Recently shares have benefit as markets have ticked higher however we have seen director instituting protection structures to limit downside while capping...
JSE:DSY has broken out of a symmetrical triangle in conjunction with a break out of a descending resistance line.
There is also a fractal that has formed on the top of the candle of the 30th of May.
If it breaks through this level of the fractal, I will consider a long position.
Similar to the MTN analysis (but on the opposite side), i want to use this as a good example of a bearish technical structure. It is clearly evident on the Discovery chart that every attempt to rally is met with a lower swing high & the counter is also able to post new swing lows on the downturns. I have only showed the 50 and 200 day moving averages for clarity...
From fake moves comes fast moves. If this turns out to be a fake break we can expect to test of upper resistance. If this turns out to be a retest of current resistance line (previous support), we could reach some bottom targets.
After a Selling Climax (SC), Automatic Rally (AR) and Secondary Test (ST) in Phase A we have now seen the bottom of the range being tested a second time. This looks a lot like a potential spring in Phase C but we have not seen a good contraction in volume in Phase B so this still could just be a test of the TR. However, the result should be the same with a test of...
I'm looking to buy DSY at around R144.00. It's holding up nicely at that horizontal support in a wedge pattern. the next move could likely be back towards the top of this wedge. Investors seem to have shrugged off their soft results and that bodes well for some bullish price action
JSE:DSY is trading at a strong support level at the moment.
It has bounced off of this level forming a hammer candle pattern which indicates a loss of bearish momentum and is a strong reversal signal.
Coupled with this, the stochastic has turned upwards which makes the signal stronger.
I have entered a long position, aiming for the next resistance level.
End of week 15Feb19. Another week dominated by Resources. FTSE/JSE Allshare ( JSE:J203 ) Top5 oversold/overbought according to 14day RSI indicator as follow:
Spending a few minutes on one of the most oversold companies of the week (according to RSI ),...
Discovery Ltd. is listed on the Johannesburg Stock Exchange and is an integrated financial services organisation, specialising in health insurance, life assurance, wellness, investments, savings products, short-term insurance and credit card products.
The corrective structure indicated above has targets of between 19000 and 21000 which is a long way...