Trade Idea: Discovering Resistance

Discovery shares have had a strong rebound from the lows near R99 just under one month ago. The rebound, which is now nearing 22%, faces resistance in the form of two downward trend lines which can be seen on the hourly chart and could be used by traders to initiate a short/sell position in anticipation of a pullback.

Trading Plan:

Short/Sell DSY at 12081c (or higher)
Use a stop-loss of 12480c to protect capital
Take profit at or near 11470c

DSY