Was expecting a breakout from the flag in early January. DIS has since continued to consolidate, but the breakout of the pattern still remains in tack. Multiple tests of former resistance, now support trendline have been made.
I would expect NFLX has a bit to do with the extended consolidation. "The Witcher" being a big hit has people believing in NFLX again. I guess everyone forgot about "Friends" leaving Netflix? Regardless, Netflix reports tomorrow. I'd be surprised if there wasn't either a subscriber miss or weak guidance due to "streaming competition" noted during the earnings. Either/or happening would likely bring money back into Disney once again.
Besides NFLX, the only other bearish concern is this market. Clearly in the midst of a parabolic/euphoric move higher. No telling when it will stop moving higher, but always be keen of any possible cracks forming.
I would expect NFLX has a bit to do with the extended consolidation. "The Witcher" being a big hit has people believing in NFLX again. I guess everyone forgot about "Friends" leaving Netflix? Regardless, Netflix reports tomorrow. I'd be surprised if there wasn't either a subscriber miss or weak guidance due to "streaming competition" noted during the earnings. Either/or happening would likely bring money back into Disney once again.
Besides NFLX, the only other bearish concern is this market. Clearly in the midst of a parabolic/euphoric move higher. No telling when it will stop moving higher, but always be keen of any possible cracks forming.