Dish Networks Falls After Offering, Watch This Level

President & CEO Chief Market Strategist at IntheMoneyStocks.com • Dec 16, 2020 at 1:21 PM EST

The stock now has a failed consolidation pattern in place on the daily chart. This usually indicates a further decline in the stock price is underway.

Dish Network Corp (DISH) is a leading provider of direct satellite service nationwide. Today, the company announced an offering of $2 billion in convertible notes. This news is causing the stock to decline by 8.04% to $32.81 a share. The stock now has a failed consolidation pattern in place on the daily chart. This usually indicates a further decline in the stock price is underway.

The next important daily chart support level will be around the $29.00 area. This is a key retrace level from the October 2020 lows to the recent December 3rd, 2020 top. This level is also where DISH stock broke out of 3-day base on November 11th, 2020. This support area should be a solid bounce level for a possible quick bounce play in DISH stock.

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