07Apr12:55 pmEST
Two Peaks and a Domed House of Mouse
It is not quite George Lindsay's old Three Peaks and a Domed House Top" pattern, but the long-term chart for Disney sure looks ripe to commence the next leg down in unwinding a laughably steep multi-year uptrend since 2012.
On the weekly timeframe, below, note how the $100 level acted as resistance on the latest bounce attempt, with sentiment notably bullish into the rally. However, that bounce may simply be setting up the next leg lower, as you can plainly see the two peaks at $120, increasingly wild price swings which would suggest bulls are losing their grip on the House of Mouse after having huge success for years.
I view DIS as an actionable short going forward, into May 3rd earnings, with $80 making a logical rough downside next target into the summer months.
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