I still believe that my current read of the TSLA bigger price structure is correct and I am looking to get on the books another short position going into year-end. Here is my read of the charts … Continue reading
There seems to be a big rotational move going on in the stock market here as we head for the end of the trading year … one of the stocks that I noticed on my ATR scan last night was PM. Here are the charts … Continue reading
I last wrote about AMZN back on September 12, 2017, (click here) … the gist of that update was that I thought the longer-dated charts were possibly entering into at best consolidation pattern that would likely lead to no better than market performance, but that the smaller time frames were actually showing a nice bull-flag that was about to break.
I did catch a nice intra-day trade that next day, but since that breakout failed after one day, I have been monitoring whether or not we were beginning that bigger distribution pattern. I am updating my view of AMZN today because if my view is correct and we are likely forming a large distribution pattern going forward here with AMZN, then it is possible that we have just completed an expanding flat corrective pattern off of the first push lower. Here are the charts … Continue reading
DIS broke a bear-flag on the daily chart today, to continue what looks like a bearish trend on the weekly chart.
DIS – Weekly Chart
Despite traders that come on the TV and talk about buying DIS below $100 as a good entry point for swing trades, I just don’t see the same risk/reward as they do. To me, the broadening pattern to the upside on the weekly chart has been decisively broken and until that chart starts looking better, there is no need to look to swing long DIS.
The relative-strength vs the SPY ETF indicator (right chart) is breaking to new lows, and that to me confirms to stay away from DIS in terms of long swing trades.
DIS – Daily Chart
Bounces happen during bigger trend moves lower … any oversold bounces in blue-chip stocks, especially in names as iconic as DIS is, can typically last several days. Eventually, however, the bigger more dominant trend takes over and price will break out of these possible bear-flags price patterns.
Cheers … Leaf_West