Disney just hit the lower trendline of the downward channel. Current price of $115 - $114 area is also a 2.0 fib extension area which was a long resistance area before breaking out.
For those reasons I believe it may have found a good support area for the quick bounce to $125 to $128.
However, there is a risk that if current support fails, it could fall to $92 area. So stop loss based on your risk tolerance is necessary.
Target - $125
Risk - can fall to $92
How would you trade it?
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How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines show support and resistance areas.
- Fib lines also show support and resistance areas.
- The dotted white lines show the price projection for breakout or breakdown target.
Disclaimer: Not investment advice.
For those reasons I believe it may have found a good support area for the quick bounce to $125 to $128.
However, there is a risk that if current support fails, it could fall to $92 area. So stop loss based on your risk tolerance is necessary.
Target - $125
Risk - can fall to $92
How would you trade it?
———————————————————
How to read my charts?
- Matching color trend lines shows the pattern. Sometimes a chart can have multiple patterns. Each pattern will have matching color trend lines.
- The yellow horizontal lines show support and resistance areas.
- Fib lines also show support and resistance areas.
- The dotted white lines show the price projection for breakout or breakdown target.
Disclaimer: Not investment advice.