Missed the upside breakout on Walt Disney shares?
This pullback might be your chance to catch the longer-term reversal!
Check out the correction levels I’m watching.
Walt Disney Co (DIS): Daily
Walt Disney Company (DIS) Daily Chart by TradingView
This company’s stock price recently busted through a descending trend line on the daily time frame. Does this mean a happily ever after for bulls?
Before the reversal gains traction, a retest of the former resistance zone might be in order, and the handy-dandy Fib tool shows where more buyers might be waiting.
The 38.2% retracement level seems to be holding as support, as it coincides with an area of interest that’s been holding since mid-2022.
A larger pullback could reach the 50% Fib that lines up with the 200 SMA dynamic support or the 61.8% level that’s closest to the broken trend line.
Stochastic still has a bit of room to head lower before reflecting oversold conditions, so the correction could keep going until it does. Also, the 100 SMA has yet to cross above the 200 SMA to confirm that bullish momentum is picking up.
While waiting for these technical signals to line up, let’s find out what’s going on with Walt Disney lately.
So far this month, Disney is undergoing quite the overhaul under the leadership of new CEO Bob Iger. Like some big-name companies recently, it is also planning on cutting thousands of jobs in order to save roughly $5.5 billion in costs.
Apart from that, its TV networks, studios, streaming services, theme parks, and other products are also being restructured.
Better keep tabs on company headlines when trading this one!
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