DIS major support W/ minor resistance.Here we are looking at DIS on the daily TF.
As you can see here we are looking at a trend line going back to 2013. The Yellow line acted as resistance until the end of 2013, then a break out occurred. The yellow line now serves as a great support and even re-tested the line at the Covid lows in 2020.
The support line (yellow line) I have outlined on the chart connects all the way back to the 2013 and should be support again in 2023.
If price continues hitting that support line (2-3 more times), we can expect a break below that line and then it will act as resistance once again.
In the immediate short term, You can see the down sloping Green trend line which is being tagged with the 3 purple rectangles. That line is acting as resistance and will only need a couple more hits before that line breaks and the price should break above it.
The yellow support line and the green resistance line is creating a wedge pattern and eventually it will break one way or another.
Being as the green line is minor and the yellow line is major I anticipate a bounce and a push through the green resistance line.
What do you think DIS will do next? Let me know in the comments!
Cheers!
