Tuesday, February 26, 2019 12:30:28 PM
Discovery Inc (NASDAQ:DISCA) is a leading global media company. Today, the stock is falling lower by more than 7.0 percent to $27.12 a share after reporting earnings. Traders and investors should note that the stock is now trading below its 50 and 200-day moving averages. This puts the stock in a weak technical position and further downside is possible in the near term. Traders must now watch the $25.00 area for major chart support. This is where the stock formed a high volume reversal day on January 2, 2019. The $25.00 area was again back tested on January 30, 2019 with very high volume. This signals institutional sponsorship and the stock will likely be defended again at this level if retested.
Nick Santiago
InTheMoneyStocks
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