Noticeable bullish divergence between the latest price dips and the RSI, NYSE:DIS may be ripe for reversing its current bearish trend, especially with the earning calls in Nov 9th and Christmas holidays. Disney's latest films (Thor Ragnarok, Coco) have had a good reception.
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As predicted, DIS took off amid rumors of buying 21st Century Fox but still needs to test its latest resistance at $101.
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Disney's price broke the resistance at $101 skyrocketing up to $102.90 but then falling back down below the resistance, creating a shooting star candlestick pattern, later confirmed by a red candle in the 4-hour chart, signalling a possible down trend in the short run.