DISCA - broadly weak

Whilst the main market saw rather significant gains, there was continued weakness in Discovery (DISCA), which settled -0.1% @ $31.40. Large price structure is a bear flag, which has arguably already been broken under.. summer downside target is $25/22.


DISCA, daily

DISCA, monthly

Summary

A marginal net daily decline, and with the large bear flag - from January, having been broken.

If the main market sees a sig' retrace/correction of 7-10% this summer/early autumn, DISCA will surely lose the $30 threshold, and continue lower to 25/22.

*I am long term bullish Discovery comms', and will keep a close eye on it across the summer.. seeking to be long in late summer.. somewhere in the mid/low 20s.