Will Wong

DIS, struck a magical hammer!

164 3 4
DIS was motoring very nicely towards $93~94 towards the upper channel until about two weeks ago when it broke through a couple of supporting trend lines . A sharp drop on 10/2/2014 of almost $3 saw it hit the lowest of the channels. A break of this support would see it falling all the way to $82.50 or lower. As such, it is imperative that this lowest channel hold and hold it did. By the close, it erased all the losses save $0.70. This rebound is in line with the general stockmarket. The daily volume was higher than normal which indicates some form of capitulation until the bulls recovered control towards the end. The short term target is $87.50. A break of $90 will be good as that will mean the breaking of the upper channel resistance.
Bullish Engulfing led to a 2.7% drop the next day. When the general market was as weak as on Thursday 10/9/2014, there is really not much any individual stock can do. Nevertheless, on Friday, 10/10/2014, DIS painted another Bullish Harami. However, the market sell off accelerated towards the end. So Monday could be very interesting.
DIS painted a bullish engulfing on 10/8/2014
$87.11 testing the support line.
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