WALT DISNEY : POSSIBLE 5.82 REWARDS TO RISK RATIO (RRR)
The red multi-pivot line has been tested 3 times. This shows strong resistant strength. Note that the MPL is downsloping as prices fail to establish a higher high or high pivots.
The lower parallel to the MPL serves as support as it guides price towards a major confluence area with the upsloping ML.
Overall major tend is up so expect some strong reaction to push the price up once it reaches the circle green area. Caveat is that the price has to stay above the ML.
Nevertheless, price is trapped within the MPL channel.
The lower parallel to the MPL serves as support as it guides price towards a major confluence area with the upsloping ML.
Overall major tend is up so expect some strong reaction to push the price up once it reaches the circle green area. Caveat is that the price has to stay above the ML.
Nevertheless, price is trapped within the MPL channel.