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Disney (DIS) Pulls Back After Breakout

Disney $DIS has been in consolidation mode  late late 2015 when price came up to 122. In November we had an upswing that broke a falling channel, but price is retreating at the start of December.

DIS Daily Chart

(click to enlarge)

Bullish Breakout:
- The daily chart shows that price broke above a falling channel. 
- As price retreats, the 100-102 area is key. Price should hold above 100 in a bullish scenario, most likely above 102.
- However, even if price breaks below 100, the downside should be limited the the 2017 lows in the 96.22-97 area. 
- The weekly chart shows that DIS is essentially in a consolidation triangle since late 2015. 
- Within this consolidation, there is still some bullish bias as price holds above the 200-week SMA. 
- I think the market will buy on this dip. If price falls below 96, I think DIS might be looking at more significant correction in 2018. 
- Otherwise, I think DIS will be bullish in 2018 after completing a 2-year long consolidation.

DIS Weekly Chart

(click to enlarge)