Market Overview

Here's Why You Should Keep An Eye On Disney's Weekly Chart

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Eagle Bay Solutions releases a Dow 30 report each week. In last week's note, founder and Market Technician JC Parets provided some commentary on shares of Walt Disney Co (NYSE: DIS), which was pretty much flat last week.

Related Link: Why Disney Might Be 'A Good Buying Opportunity'

Parets says that structurally, prices “were able to hold nicely above the uptrend line from the lows in November 2012.”

He continued, “momentum hit the overbought conditions we had wanted to see invalidating the potential bearish divergence we had been pointing out. With a rising 200-week moving average and prices above last summers highs I've really liked the action. We broke out in February after the further consolidation above that resistance from the Summer (shaded gray) that we wanted to see. We've wanted to be taking profits at the upper of these two rising trendlines from 2012 and that was hit last month.”

The expert assures he “would still now approach this market more from a tactical perspective” after his upside targets have been achieved.

Shares of Walt Disney were up about 1.5 percent on Monday.

Posted-In: Eagle Bay Capital JC ParetsAnalyst Color Technicals Trading Ideas

 

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