Looking Ahead to the 4th Quarter for $DIS
DIS has been working on a bottom for a long time. The stock has moved up recently due to heavy buying of Dow components for the DIA and other ETFs which require Dow components. Many Families are making Disney Resorts a holiday location this year.
The stock now faces stronger bottom completion resistance from the 2nd quarterly report, which sent the stock moving down further until this October.
The volume is very low recently, which is partly due to the holiday but also warns of weakening buyer activity at this price level.
However, there was Dark Pool accumulation in the base of the bottom, along with some Pro Trader activity evident in the candlestick and technical indicator patterns. This range now provides moderate to strong support.
Martha Stokes, CMT
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