2 out of 3 on this name. 1st Long - winner Exit call - well-timed time at 152.00 2nd Long - stop-loss hit.
*Short Term Traders Only* DSY has acted well, first on the long side from just above 13000c, followed by an exit at 15200c (see related). Reviewing the daily chart, the 7-day RSI is 'NEAR OVERSOLD' and judging by previous readings, this may be an opportunity for short term traders to pick up some for a move to say, around 13300c. Buy at current level, 12581c...
The share followed our projected price path (see attached idea), from the early 130s to 152. For short term traders, now is the time to exit.
Seems like the 200-day acting as major support. Furthermore, the price action corrected from the lower range of the linear regression channel. This increases the likelihood of a mean reversion trade. Bullish MACD crossover supports the bullish trend direction. Upside price momentum supports the bullish trend direction.
JSE:DSY found support on the 200 day exponential moving average. It's now back above the 50 day exponential moving average. At current price, it can be a swing trade with 1:2 risk to reward.
A nice bullish flag on Discovery. the stock broke back to the R134 - R157 box. I've added to my position just be for the close
Discovery has been on a gradual uptrend since 2008 and seeing more volatility and trading activity around 2013. Since then it has only broken uptrend support line last year during the lockdown impact on the industry as a whole. The good news is it quickly recovered and went back above the support line and is currently sitting very comfortable. However on the down...
Discovery moving within a rising channel and it is currently at support level of the channel at R131. We anticipate that support will hold and we will be expecting bulllish movement from that level with first target of R155.00
Not liking the last candle, would give it a little longer to check recovery.
Price testing a year old trendline support, which is also coinciding the 200dma. Should they both break 100 will be exposed.
JSE:DSY is showing good upward momentum and is looking promising for a long position. After the EMA's crossed we have had 2 "red days" but is still showing upward momentum. I think we could see a move towards the 15000 resistance level.
Discovery Account balance: R8013.80 Entry: R137.06 Stop loss: R123.60 Risk per share: -R13.46 Quantity: 12.1 Risk ZAR: -R162.87 Risk: -1.97% There’s a bit of resistance on the stock around 14570c. Which happens to my last entry point. The stock tested the support of the 13400c - 15750c box. He the support quite well. If the stock close above the 14770...
Are you watching DSY? I am. I think it has some work to do from the falling wedge however if the trend line is breached on the upside, it may trigger a swing long. This is one of a few shares I am watching. To find out more about our research, DM me today.
Discovery managed to hold on to the upward channel en holding above the 200dma
Not liking this break from Discovery, appears that the upward channel was broken, tested and denied.
DSY has formed what could turn out to be quite a dramatic head and shoulders pattern (bearish). Having already broken below the 50 Day moving average, it looks like the writing is on the wall for a re-test of the 200 day moving average. A continuation of this pattern and current momentum could see the price move nearer to 125.00