Long $DIS, might regretNYSE:DIS might be oversold, at least in the near term. It has been selling off at a parabolic rate for over 2 years (starting Mar '21), but has recently shown signs of a bottom.
Signs of bottom (maybe!):
- Price has been declining at a parabolic rate for years but Weekly RSI seems like it might be showing a weak trend reversal starting around June '22
- Price might close above both TK lines on the Daily
- Possible Weekly TK clamp?
- Price has reached peak bottom COVID crash in 03/2020, potential support?
Reasons I'm wrong:
- The Weekly cloud looks...not great
- Price is below a sizable chunk of volume per VPVR, next support not showing until $68 (seems bad)
Would be bad if:
- A close below $78 on a Daily candle, and especially a Weekly
- Weekly RSI breaking down from wedge to LLs
Would be good if:
- Break parabolic downtrend on Weekly (close above $85)
- Continuing strength in Weekly RSI
- Bullish TK cross on the Daily
- Price trading above 50day MA
POSITION UPDATE:
Kid and I ape'd into a small position with an avg cost basis of $81.39.