Long Position on DFS @ $83.00 on 8/8/2019 (Momentum)

Discover Financial Services (DFS) operates as a direct banking and payment services company in the United States.

The Direct Banking segment offers Discover-branded credit cards to individuals; and other consumer products and services, including private student loans, personal loans, home equity loans, and other consumer lending, as well as deposit products, such as certificates of deposit, money market accounts, savings accounts, checking accounts, and individual retirement arrangement certificates of deposit.

The Payment Services segment operates the PULSE network, an automated teller machine, debit, and electronic funds transfer network; Diners Club International, a payments network that issues Diners Club branded charge cards and provides card acceptance services; and Discover Network that processes transactions for Discover-branded credit and debit cards, as well as provides payment transaction processing and settlement services. 

On July 23rd, Discover Financial Services (DFS) reported 2nd Quarter June 2019 earnings of $2.32 per share on revenue of $3.5 billion. The consensus earnings estimate was $2.11 per share on revenue of $2.8 billion.  Revenue grew 12.4% on a year-over-year basis.

Shares are heading higher in an upward trading channel. The lower boundary of the channel coincides with the stock's 50-day moving average. Shares are near the lower boundary of the channel. 

Entry Point: $83.00

Trading Range: $54.36 - $92.98

Stop Loss: $78.50

Target Price: $91.30

Updates

10/10/2019 10:20:53 AM

DFS closed at $78

Position closed on 10/10/2019 at price of $78.00 with a -6.02% loss in 63 days.

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