DISNEY DIS | DISNEY DESCENDING TRIANGLE PATTERN - Apr. 11, 2024
BUY/LONG ZONE (GREEN): $118.50 - $123.00 DO NOT TRADE/DNT ZONE (WHITE): $116.50 - $118.50 SELL/SHORT ZONE (RED): $112.00 - $116.50
Weekly: Bullish Daily: DNT 4H: Bearish
A week ago DIS broke its bullish trend on the 4H and lower timeframes. The Weekly timeframe still holds the bullish trend, and the Daily timeframe is currently untradeable for myself, but is working its way closer to a bearish trend as it is breaking down bullish structure. The 4H timeframe shows a descending wedge/triangle (or possibly a developing sideways range channel) with the bullish support level being around 117.00. The 117.00 is where bears should look for a breakdown to confirm the downwards trend, and bulls should look for a breakout above the 118.50 level. 118.50 is a safe entry for bulls, however; earlier entries could be a break above the descending trend line that is acting as the top of the wedge/triangle. Previous bull trend and continuation are labeled to show where I got the levels and zones from and how more recent price action has reacted to these areas.
This is what I would personally look at before entering trades, everything is subject to change on a daily basis and as I analyze different timeframes and ideas. ENTERTAINMENT PURPOSES ONLY, NOT FINANCIAL ADVICE!
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