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Fan Yang

Disney (DIS) Retreats From Channel Resistance

Last time we looked at Disney $DIS, we noted the good recent positive announcements, but also warned of a channel resistance right around 106

DIS Daily Chart

(click to enlarge)

- The daily chart shows that DIS indeed found sellers as it rallied sharply to 106. Note that this channel resistance was reinforced by the 200-day simple moving average.
- Now, as price retreats, I think the 100-102 area will be interesting.
- If price finds support here, I would look for a potential break above 106, which would signal further upside to 116.
- For now however, the mode is still sideways/bearish.
- If price breaks below 100, it would look even more bearish, and the 2017-low around 96.20 would be in sight with potential of even more downside if price does get to this low.