Discovery (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.
Note
Price never pushed above the R180 level and has broken the rising channel and 200Day Ma. Will look for the new structure to develop and see how it reacts to the Yearl Pivot Point.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.