DIS-Bearish Flag Pattern: BB Coiled and Ready to breakout
It appears that DIS has printed a bearish flag pattern. Since the large drop at the last earnings report, DIS had hardly regain any portion of that huge gap down. Instead it made a very feeble attempt to rally the last two weeks, and in essence printed a bearish flag. The Bollinger Bands have contracted and coiled and is now in a position to break out very soon. Chances are it will break down and challenge the recent low of $93.
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Incredible timing....DIS Dropped 4% today on the announcement by Bob Iger that the Star Wars and Marvel movies will go to the new Disney streaming services exclusively.
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Trend support at $96++
