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Disney Seems to Be Finding Solid Support

Though Disney’s chart is hardly “a thing of bullish beauty.” Nat Pile, editor Nate’s Notes, does take heart in the fact that the stock seems to be finding some solid support at a level that is noticeably higher than where it found support at the bottom of the last longer-term downtrend.

“Although this in no way guarantees that it won’t start hitting new lows again if the market does trend lower in the weeks ahead, I do feel comfortable counting the price action lately as a somewhat bullish piece of evidence in our efforts to figure out whether the current sell-off represents the start of a new bear market or just a fairly extreme and gut-wrenching round of profit-taking in an ongoing bull market for stocks,” says Nate Pile. “DIS is a strong buy under $98 and a buy under $109.”

Editor’s Note: Nate’s Notes, P.O. Box 667, Healdsburg, CA 95448. 1 year, 12 issues, $289.

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