LONG-TERM/LEAPS OPPORTUNITY (DIS)

With November coming to an end, DIS is currently ending the month off showing wick rejection on the monthly chart off of a key demand zone between $71.00 - $86.65, in confluence with the 200ma/200ema and 61.8% fib. From 2015 to 2020, Disney’s price has bounced from this area 5 times previously (including the initial breakout from this zone back in Jan/Feb 2015). As of today, Disney has once again returned to this zone for the 6th time. It has nearly wiped out 100% of the gains that began from the 2020 lows. Also note that price has consolidated between the prices of $92 and $112 for the past 6 months, showing that price is holding this level/area very strongly. Lastly, the previous six monthly candles are forming a possible double bottom pattern which is another bullish sign.

If you are looking for a great opportunity to start adding to your longterm portfolio, here is a great one to start with if you’ve been considering adding Disney as a longterm investment.

If you care for added confluence, Disney is also showing bullish divergence on the RSI while in the oversold region on the monthly chart, the MACD histogram on the monthly chart is beginning to curl up, and the stochastic oscillator on the monthly chart is also showing bullish divergence in the oversold region on the monthly chart.

Whether investing for long term reasons or investing for a long term swing, this area looks great for a watch candidate. If you considering this play, please remember to do your own due diligence and review any fundamental/economic factors to add to this technical breakdown of Disney's price chart.

Trade active:

On the monthly timeframe DIS has bullishly engulfed the previous month's candle (December 2022). On Friday, January 27th, 2023 DIS closed at a price of 109.54. At the time of this post DIS was trading around 94.69. I would now watch for a small pullback around 97.91 - 99.73 for a safe entry long on a LEAPS play or average more into a position on a long term hold.