Skinny On DIS (Disney): Monday August 7, 2023
CLICK IMAGE TO ENLARGE IN NEW TAB Stock Disney (Walt) Co NYSE (Ticker: DIS) / Mon Aug 7, 2023 / 5:34 PM Eastern Time / DAILY Chart
PRIOR COMMENTARY (as applies)
In 2023, I recommended this stock twice in the Stock Picks Grid.
- After close Fri Feb 10th as Persistent Uptrend category.
- After close Wed Mar 8th as Buy Signal Now, for an upside target 121.00 and a recommended protective stop below 93.00.
RECAP
- Shares did peak at the time the overbought rec was made, and fell to 97.42 (Mar 2) initially.
- Shares recovered to 102.70 (Mar 6). While I recommended a Buy at that time, the stock continued lower, hitting the stop on Mar 10.
OUTLOOK
The company is set to report earnings this Wed Aug 9th. I'll speak to the current Trifecta of technical analysis at play (Price, Time, Momentum) to navigate any current positions you may have or look for opportunities into/post earnings.
On Price, shares have been attempting to base near a falling black trendline (joins Mar 13/May 30 lows). This is in conjunction with 3 Drives (Gann pattern, see my 2nd edition book and Gann Patterns course for more) off the Feb 9th high and on a fractal level off the 94.52 high.
On Momentum, Red Zone has dominated since mid March, with a Historical Hold at 33.41/33.63
On Timing, some shallow Pretty Point A forecasts are suggesting room for shares to find a footing.
Therefore, I suspect that shares will attempt to put in a tradeable Price Low while above 84.07. The initial upside target would be 90.81.
If instead shares weaken from current levels, below 84.07 would risk 79.07.
Ticker DIS | KEY PRICE LEVELS
103.91 — May 8 high
100.04 — May 10 pre-gap low
94.52 — Jun 14 high
90.81 — Jul 13 high
Resistance Above
Current price: 86.33
Support Below
84.07 — Dec 28 '22 low
79.07 — week ending Mar 20 '20 low
Hima Reddy, CMT
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