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Possible Bullish Inside Day Candle Pattern Detected for Walt Disney Co (NYSE:DIS)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Walt Disney Co (NYSE:DIS) based on the price action in the company's shares. Yesterday's price range of $114.29 and $114.61 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Walt Disney Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Walt Disney Co share prices have been bracketed by a low of $97.68 and a high of $120.20 and closed yesterday at $114.48, 17% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has risen 0.2%.

The Walt Disney Company is an entertainment company that conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and interactive media. The Company produces motion pictures, television programs, and musical recordings, as well as books and magazines.

Walt Disney Co has overhead space with shares priced $114.48, or 5.3% below the average consensus analyst price target of $120.95. The stock should find initial support at its 50-day moving average (MA) of $112.06 and further support at its 200-day MA of $111.36.

SmarTrend recommended that subscribers consider buying shares of Walt Disney Co on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $110.35. Since that recommendation, shares of Walt Disney Co have risen 3.4%. We continue to monitor DIS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle Walt Disney Co

Ticker(s): DIS