DIS: Textbook Descending Cup with Handle Base

Disney is killing it. Even with hiccups on the Disney+ launch, their star power is nothing short of magical. The Mouse is a lasting American icon of a company that people love, and any parent of the means to do so will raise their hand if asked if they've spent more than one thousand dollars on this company's products personally. Last I checked, there's no shortage of parents anywhere around these parts, so there's no shortage of customers in their market.

The chart is presenting a textbook perfect cup with handle base with a slightly descending handle formation in the shakeout during the laggard months of 2019. Fundamentals are a little lighter than prior years due to the cash burn from recent capital expenditures, the Fox acquisition, standing up new theme park attractions, and launching the Disney+ streaming service. Accumulation is spiking fast, s

After a period of convergence of averages evident on a languishing MACD , the histogram is beginning to spike back up indicating a fast forming rally. As for the averages themselves, the short terms are pulling up sharply from the longer terms in a perfect golden cross. Volume is spiking up hard on a 7.3% gain which gave me an immediate unrealized profit on my position today. RSI is spiking the way it should on a real rally just first taking off without any shakeouts yet. Relative strength to a blended fund benchmark shows the mouse pulling ahead quickly, with average directional index confirming the uptrend picking back up again after some months long consolidation. Rate of change is spiking hard the way it does when forming new all time highs, but it has to mathmetically because no one bought at that price before today.
Trade closed manually: I'm not really liking the way this is moving after that big Disney+ opening day. Perhaps I let my emotions get the best of me, but I have other, far more profitable positions open at this time.


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