Where to find Disney Reversal to Long?Disney. We are exposed to Disney almost instantly we are born into this world. The cartoon we are exposed to , the posters, the gifts, the soft toys we had. Disney, the creator of our "Fantasy", can their strong moat stop the downtrend of its stock price?
Sign of downtrend
-Candle sticks moving below MA200 . Fail to even get near the MA200 trendline for the past 200 days.
-Downtrend line B : 2 Fib extension of downtrend line A , magnitude much stronger than of line A
-Downtrend line C: 1.618 Fib extension of downtrend line B , magnitude abit strong than of line B
Reversal in progress?
-Retracement R2 magnitude is almost similar to R1 , but took much shorter time(26 days vs 116days) to retrace the same amount
-Retracement R3 magnitude is strong than of R2 .
-Thus the upward trend is getting strong: R3 > R2 > R1
Take a look at the horizontal volume indicator. The volume indicator sums up the volume traded at the prices for the past 1800 bars/1800 days . Bulk of the trading occurs between 97 to 115
The price range of 97 to 115 probably is the strongest support Disney can have. If the candlesticks plunge below 97 , the next area to have such high trading volume will be around 50 .
Watch out for reversal such as double bottom within the price range of 97 to 115