Jsedsy
Discovery Head and shoulders - Aggressive downsideHead and Shoulders formed on the Daily.
The price has clearly struck below the neckline showing it wants to come down.
Aggressive traders would take full advantage here but conservative traders will wait for the price to go back up and retest the resistance before the fall.
21>7
Price<200
RSI<50
R118.00
Discovery hit our target at R132.65 new C&H to R151.00Discovery hit our target at R132.65
New Cup and Handle
Target R151.00
RSI >50 and heading up
Bullish
DISCOVERY LIMITED A huge reverse head and shoulders discovery might be gearing fora strong move higher
JSE:DSY Discovery Markdown Starting After a good markup phase, Discovery has undergone distribution. After a breakout of the distribution trading range (TR) price has backed up (BU) to the TR and is now pushing lower which could be the start of the markdown phase. Volume has declined on the BU and divergence with the volume RSI indicates a continuation of the decline.
JSE:DSY Discovery Spring or Test in Phase BAfter 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 the top of the TR. We have seen a significant bar confirming the reversal.
$JSE-DSYJSE:DSY
Made hammer on massive volume on Friday on big support.
This can be nice long with stop loss bellow Friday's low.
Discovery Correction With Big TargetsDiscovery 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.
Technicals
The corrective structure indicated above has targets of between 19000 and 21000 which is a long way up. We are in wave 3 of a possible 5 of the correction. I will be looking for wave 3 to break the low of wave 1 before looking for reversal signs to enter the long.
Happy trading!
Linton
$JSEDSYJSE:DSY
Broke from symmetrical triangle on hourly chart this morning. More downside to come
$JSEDSY should retrace some 10% or so
JSE:DSY Discovery showing strengthDiscovery (JSE:DSY) is showing strong leadership as compared the JSE Wyckoff Wave (10 Core JSE stocks). The OBV is indicating bullish pressure. The stock has broken the 200 Day SMA, is above the Monthly and Yearly Pivot Points and is now pushing up against a significant volume cluster at 180 formed by the consolidation at the previous highs. On Thursday there was significant volume pushing up to this level and the JSE Top40 has also shown strength. If price pushes above the 180 level, the previous high could be tested with momentum behind it.
