Daniel.B
Long

DIS Trade Update

NYSE:DIS   WALT DISNEY COMPANY (THE)
101 0 2
Well at the end of the week I always analyse the weekly charts, especially longer term trades I have open. And as you already know I am long DIS. What I've outlined in the chart is the huge bullish weekly candle that formed at previous support (which is evident from the previous weekly impulsive wave higher that started the move up to the 120.00 area). So in other words, we may as always get some retracement this week, possibly not. All in all, I'm comfortable continuing to hold the position.

Do note the large buyer volume which became the rough equivalent of the selling volume from the previous weekly candle. To me its largely due to short covering, but also some serious dip buying.

I've also provided some Fibonacci extension levels to highlight some potential take profit levels. I like how the 1.272 extension lands almost spot on the round number 130.00. For me the trade management areas aka. take profit areas are the 110.00, 130.00, and 140.00 areas.

Cheers =)
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