Disney comfortably clears $100
Since breaking above $100 a few weeks ago DIS has been on my watchlist. The first opportunity to enter was after the first bull flag/retest of the $100 figure - as this showed resistance turning into support.
This may have been a little early to be confident that the gap would hold - but either of the subsequent breakouts offer more solid conviction that the trend is holding.
Overall this stock has been trending well for a few years - but it is susceptible to slightly deeper (than is comfortable) pullbacks. However, with a reasonable stop (which allows for this movement) we would only have been stopped out a half dozen or so times if we had traded DIS over the last 3 years.
So, going forward, this is a good buy opportunity but be ready to accept deep, but manageable, pullbacks.
This may have been a little early to be confident that the gap would hold - but either of the subsequent breakouts offer more solid conviction that the trend is holding.
Overall this stock has been trending well for a few years - but it is susceptible to slightly deeper (than is comfortable) pullbacks. However, with a reasonable stop (which allows for this movement) we would only have been stopped out a half dozen or so times if we had traded DIS over the last 3 years.
So, going forward, this is a good buy opportunity but be ready to accept deep, but manageable, pullbacks.
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Instagram: instagram.com/dynamictrader
Twitter: twitter.com/dynamictrader
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