WorldWideMarkets Community

Forex Trading, Market News & Technical Analysis

Today’s Trading Edge: Dish Network shares soar on addition to S&P Dow Jones Indexes

Posted by WorldWideMarkets . on Mar 7, 2017 5:08:45 PM

WWM DISH MAR 7 2017.jpg

Dish Network Corp. (DISH) shares rallied over 4.52% to $64.00 after yesterday’s announcement about be added to the S&P 500.  Dish will replace Linear Technology Corp. (NASD:LLTC) in the S&P 500 effective prior to the open on Monday, March 13. S&P 500 constituent Analog Devices Inc. (NASD:ADI) is acquiring Linear Technology in a deal expected to be completed soon pending final closing conditions.

Shares are tentatively forming a double-top pattern with the high made after reporting fourth quarter results on Feb 22nd.  Dish reported fourth quarter earnings of $0.70 a four cent beat of the analysts’ consensus of $0.66. Revenue came in at $3.72 billion a miss from the $3.75 billion estimate. 

Price action on the daily chart shows that bullish move is facing key resistance from the psychological $65 handle.  If price continues to respect that level, key support may come from the $62.60 region.  If bearish reversal continues, price may find support from the 50-day SMA which currently trades at the $61.14 level.  If we see noted resistance level taken out, further bullishness could target the $67.50 region. 

The Trade: Buy DISH at $63.50, with a stop loss at $62.50 and a take profit at $66.50.  The Risk/Reward Ratio is 1:3 

Topics: Equities, US equities, GLOBAL STOCKS


Tools & Educational Resources

Forex 101LEARN MORE >>
Learn the basics of Forex and how to practice trading the markets.

GlossaryLEARN MORE >>
Confused by the language? Click here and search for key trading terms.

Browse our frequently asked questions and find your answers right away.

Access to the educational lessons, webinars and platform walkthroughs.


Get started with a FREE $10,000 Demo Account and experience the Forex Market RISK FREE!