If we engulf here on the daily I will bring the kids to Disney earlier than promised.
I believe in Disney's growth in China. I would suggest to hold if you bought it before but to buy if you are a growth investor. China is a great market. If you didn't buy the stock yet. Don't worry septmember revenue wasn't released yet and it will probably not be as good as in June there will be buying oportunities. Disney has a high P/E 20.90 vs 18.80 Industry...
A strong potential to break the MPL and the red dotted downsloping fibo 1.5 trendline. Maybe the tourists are herding back to the rides.
For those who are still in the trade, careful to tighten your stop once it near the downsloping red median line as depicted.
You see the range. 4th attempt at breaking 67.50. First red candle. MACD showing signs of weakness when you compare the peaks relative to the highs. Place the stop at 68 and see what happens. HAPPY TRADING!
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...
Now you can forget about this EMA 50 line. New stop is EMA 100 line.
In case if today during the day the chart will be under the red line.
Walt Disney's price chart looks bearish. The target of the triangle was hit right at the high point of the second rising wedge, marked with red on the chart. The volume has fallen during the formation of this last pattern. All this bearish signals are waiting for a confirmation in the price action. Targets for a possible fall are 52.50 and 46.66.