DIS looking bullish after earnings?After a positive response to earnings recently, NYSE:DIS pulled back almost 50% while creating sup/res at the 106 / 112.50 range respectfully. From an hourly POV, the recent pullback formed an inverse head & shoulders pattern which is a sign of reversal to the upside. Will this break the 112 area or bounce off resistance and continue the swing?
Prediction :
DIS will pull back to the neckline (108.50 area) which happens to also be the 50% fib level. If this happens, I will be going in after the first green candle showing a bounce at the golden zone. I will also enter if we cross todays overnight high of 109.69.
Conditions :
- H&S pattern, bouncing off 200 EMA, bouncing off VWAP, Earnings, 100 EMA crossing 200 EMA (daily POV)
Entry :
- Green candle at the 50% fib
Stop :
- 107.47 (Right shoulder)
Target :
- 116.65
Notes:
Divergence: N/A
Pattern(s): Inverse H&S
EMA: Bouncing off 200
Volume: 108.27 area
VWAP: Bouncing off vwap
Overbought/sold: N/A
Fibonacci: N/A
