The triple bottom around $85-$86 has been followed by a strong upward move towards $92 yesterday. DISNEY stock price has been trading mostly sideways over the last few Months as price has made no real progress. Key support around $85 has been respected for many months and at the same time bulls were unable to break above the red downward sloping resistance trend line. The combination of the break of the red trend line with the bounce off the blue support trend line is a bullish signal, signalling a very probable trend reversal and the start of a new upward move. Price action over the last few months has confirmed the importance of the blue support trend line. As long as we hold above it, bulls have hopes for a trend reversal. DISNEY stock price has upside potential towards $103 and even higher.
The material has been provided by InstaForex Company – www.instaforex.com
Red line- resistance
Blue line- support
The triple bottom around $85-$86 has been followed by a strong upward move towards $92 yesterday. DISNEY stock price has been trading mostly sideways over the last few Months as price has made no real progress. Key support around $85 has been respected for many months and at the same time bulls were unable to break above the red downward sloping resistance trend line. The combination of the break of the red trend line with the bounce off the blue support trend line is a bullish signal, signalling a very probable trend reversal and the start of a new upward move. Price action over the last few months has confirmed the importance of the blue support trend line. As long as we hold above it, bulls have hopes for a trend reversal. DISNEY stock price has upside potential towards $103 and even higher.
The material has been provided by InstaForex Company – www.instaforex.com
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