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Technology Stocks : Walt Disney

DIS 104.47

+1.0%

Nov 28 9:30 AM EST

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To: MoneyPenny who wrote (1371)	1/10/1999 1:37:00 PM
From: Chip Anderson	Read Replies (1) of 2222

I just posted a chart of DIS for the past year or so with some support/resistance lines and some TA indicators. It up at coolhistory.com FWIW, here's what I see from a technical perspective: DIS is currently trapped between its 50-day (blue) and 200-day (green) simple moving averages right now. The last three days have been strong, positive days for DIS and caused it to bounce off of its 50-day and move quickly up to its 200-day MA, where it is now. DIS has not been above its 200-day MA since last August's sharp decline - which occured as part of a completed Head & Shoulders pattern. Since then, DIS has failed twice to break above the 200-day MA. Can it do it this time? From mid-October until mid-December, DIS had been in a strong uptrend (straight green line) however the December doldrums caused the stock to move sideways thru this trendline. The recent strong move up may allow the stock to realign itself with this uptrend. There is minor support for DIS at 30 (which isn't shown on the chart) and MAJOR resistance at 35. The MACD indicator started moving higher last week and crossed its signal line on Thursday giving a bullish signal. The On Balance Volume indicator (which combines price and volume) bounced strongly off of its 50-day MA last week. It had been moving sideways since December 1st. It has not been this far above its 50-day MA since last July. Bottom Line: Things are starting to look better for DIS however an important test of the 200-day MA will happen next week. If DIS can break thru that barrier, then it will next test the resistance level at 35. The 50-day MA is providing strong support near 30 right now. Disclosure: I am a long-term DIS shareholder. Chip coolhistory.com

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