Discovery has a bullish flag going into earnings, it has also confirmed 8 September as a cycle low. We can expect swift move upwards as price chases a weekly cycle high. The support of the 200 day moving average adds to the weight of evidence that price wants higher.
Con: The horizontal pink line is the fail point which is now R141.90, anything below this signals the bears are in control in pursuit of a weekly low, this serves as a stop-loss and/or an opening of a short trade. A slight worry also is that the previous cycle was left translated.
Con: The horizontal pink line is the fail point which is now R141.90, anything below this signals the bears are in control in pursuit of a weekly low, this serves as a stop-loss and/or an opening of a short trade. A slight worry also is that the previous cycle was left translated.
Comment:
Discovery has failed, focus shifts to the bearish thesis.
Trade closed manually