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Fan Yang

Dish Network Corp (DISH) - More Bearish Signs Than Bullish

The Dish Network Corporation $DISH has been recovering in 2019 until late July. Looking at the daily chart below we can see that the tremendous recovery from $24 to $44 is now in jeopardy. 

DISH Daily Chart

(click to enlarge)

Bullish Recovery Cracked:
- We can see that price was in a persistent uptrend since late 2018 when DISH bounced off of $24. 
- Price has since swung above the cluster of moving averages, most importantly the 200-day SMA.
- DISH even broke above a key support/resistance pivot area just under $40, as well as the psychological level of $40. 
- However, once price tagged $44, a sharp retreat ensued. 
- This dip broke below a rising trendline and the moving averages. 
- Price was able to hold above $30 and recover, but is now retreating from $37 area, which was a previous support/resistance pivot.
- This reaction to resistance is another sign that bears are back in charge and that the bullish recovery in 2019 is likely over. 
- I would not be surprised if price falls back to $25, near that late-2018 low.
- If it does, I wouldn't rely on this area for support outside of the short-term. I wouldn't be surprised if DISH eventually slides down to the $15 area, but for now, I would target any bearish decisions to $20. 

DISH Monthly Chart

(click to enlarge)

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