Since 1974 Disney has always made a "yearly" higher low as depicted by the red hash marks on this chart.
In 2022 it closed the year below the previous yearly "pullback low"...yikes!!!
Could Disney be an early warning sign of what is to come over the next 10 years for the US stock market? It is a 1900's quintessential "American" company.
Anyone looking to add this to your child's portfolio might want to reconsider...
(Of note: Disney began trading on the NYSE on November 12, 1957 and Trading View begins charting it in 1968 so this chart doesn't show 1957-1968.)
Lastly, I would not recommend starting a short position right now (in fact, the daily chart looks quite bullish right now) however if you are "really" long this company I would take any strong bear market rallies as a chance to reduce or exit your position...there is just too much unknown about what this type of closing implies for the stock IMO.
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Hanging on by a thread...DIS must hold the lower yellow trend line. If not, watch out below.
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If you went long at major support then DIS must hold ABOVE the 50% to be bullish into and through 2024. SL at 87.25. Technically speaking it is currently holding the .318 and if this holds that is a very good sign for DIS.
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Disney remains strong after holding it's major support...it has not touched the 50% FIB on a pullback thus far however it is currently sitting just below the 50 SMA on the monthly which may prove a big test for the stock. It will either break above strongly (which would be a buy) or it pulls back BUT hold the 50% on the pull back.
Disney has two more movie bombs coming out, Marvels and Acolyte. I would be careful this doesn't make new lows. Their only chance of surviving is to sell to Aapl and fire all the incompetent management. The brand has been permanently damaged.
jvGator
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@jvGator, I wouldnt short it here, but once it gets back up to its 200 ma, I would short it for some nice gains.
The_Unwind
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Continued excellence here. No surprise.Your analysis is always "extremely insightful" Wish you would post more. I always learn something, that I would not have learned anywhere else. Thank you.
Very interesting and original. Maybe it's enough that the first lower low after 65 years means a reversal... we'll see. Thanks.
The_Unwind
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Exceptional work. Long Term, Multi Year Analysis,with your own take. I've noticed that you "see" things that others don't, and then come to your own conclusions, sometimes quite contrary" to majority held market belief. Keep digging.