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Media Titan Sinks On Earnings: Watch This Level

Published 02/26/2019, 01:31 PM
Updated 07/09/2023, 06:31 AM
WBD
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Discovery Inc Class A (NASDAQ:DISCA) fell Tuesday by more than 7% 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, which puts it in a weak technical position and further downside is possible in the near term. Traders should now watch the $25 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.

Discovery Inc.

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