$DIS looks for support at zero as it fills gap

$DIS looks for support at zero as it fills gap


August 2022


Alex Cole

Disney ($DIS) looks for support in "Go" trend.

After rising from a low mid July into a "Go" trend that gapped above horizontal resistance, $DIS has set a new high in the middle of the month on strong blue bars.  We saw a Go Countertrend Correction icon (red arrow) just after the high, indicating that in the short term price may struggle to go higher.  Now, after correcting with paler aqua "Go" bars, price has filled the gap from earlier this month and GoNoGo Oscillator has fallen to the zero line.  We will watch to see if price can find support at these levels and if the oscillator can hold the zero line.  If it does, and rallies back into positive territory we will likely see price attempt to set a new high.