Disney Retail Trap: Correction on the horizon
Disney receiving a boost from the downfall of Netflix, with many seeing this as the perfect hedge against the FAANG giant. The strong bullish candles steaming into a strongly established supply zone smells like a retail trader trap this time. I expect price to reach above stops around 113 of the previous move and into my grey and red zones where I expect heavy selling to occur. Buyers would be epected to make an appearance at 106 and 100 for the time being. Contrary to Fundemental analyst predictions, earnings announcments may drop this down below 100, but nothings certain so preceed with caution around earnings time.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.