Disney Holds the 200-day SMA
Believe it or not, Walt Disney is little changed for the year. But now the longer-term uptrend may be ready to resume.
The main pattern on this daily chart is the rising 200-day simple moving average (SMA). DIS has tested and bounced at that line several times in the last month. It’s also held the 50-day SMA, which is almost on top of the 200-day.
Next, consider the level around $185. It became resistance in early May, and again this summer. DIS tried to break out following its last bullish earnings report on August 12 but quickly retreated. Now it’s right back challenging the line again.
The weekly chart also shows a narrowing pattern between about $170 and $185 since early May. This creates the potential for prices to expand if they escape the top of the zone.
DIS could also be interesting fundamentally as it grows in streaming and reopens theme parks . That, combined with the onset of football season (ESPN), may provide some bullish catalysts in coming months.
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The main pattern on this daily chart is the rising 200-day simple moving average (SMA). DIS has tested and bounced at that line several times in the last month. It’s also held the 50-day SMA, which is almost on top of the 200-day.
Next, consider the level around $185. It became resistance in early May, and again this summer. DIS tried to break out following its last bullish earnings report on August 12 but quickly retreated. Now it’s right back challenging the line again.
The weekly chart also shows a narrowing pattern between about $170 and $185 since early May. This creates the potential for prices to expand if they escape the top of the zone.
DIS could also be interesting fundamentally as it grows in streaming and reopens theme parks . That, combined with the onset of football season (ESPN), may provide some bullish catalysts in coming months.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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