New York, April 20th (TradersHuddle.com) - Shares of Discovery Communications, Inc. (NASDAQ:DISCA) ended the trading session lower by $0.27 or -0.52% from its previous close. Discovery's price action formed what is considered to be a bearish engulfing candlestick chart pattern.
Discovery Communications, Inc. (NASDAQ:DISCA) operates as a media and entertainment company worldwide. The Company operates a wide range of educational television channels as well as offers consumer and educational products and services, and a diversified portfolio of digital media services. The company operates cable and satellite television networks in the United States, including Discovery Channel, TLC, Animal Planet, Discovery Health, Discovery Kids, Science Channel, Planet Green, Investigation Discovery, Military Channel, FitTV, and HD Theater.
Discovery's current stock range is determined by calculated support defined at $42.79 and by the resistance level at $52.50, which should be used by traders planning their next move.
If traders want to establish a position in Discovery Communications, they need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal in the current price action. The Bearish engulfing pattern is a leading warning sign; therefore, traders should closely monitor Discovery Communications for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration:
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