November 13 Chart of the Day - Disney
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
Disney (DIS) reports earnings before market open on Thursday, share price has been seemingly range bound for the last two years or so but has avoided falling below the $78.54 "proverbial line in the sand" support level (so far).
With that said, we wanted to review their charts from a price action technical analysis perspective to determine where price could be heading.
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Monthly Chart
On the monthly chart we can see that price is well off its $203.02 all time high (ATH) set back in 2021.
Price fell in dramatic fashion all the way back down to what is seemingly a major support/resistance level ($78.54) about a year ago.
Since then, price attempted to power back up and away from there only to be rejected in the $120 area.
Weekly Chart
On the weekly chart we can see with much more clarity the fall and subsequent rise in price.
Trading around $101.50 earlier today, the market is implying about a $6.90 move in either direction by this Friday as marked on the weekly chart. Share price has risen during the week of earnings 3 of the last 8 quarters.
Could earnings be the catalyst that pushes price towards its next higher high or will price continue fading?
Only time will tell for sure what price will do next...
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
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