Major Chart Support: Walt Disney Co

Shares of Walt Disney Co (NYSE:DIS) are within pennies of the daily 200 moving average. Moving averages are usually major support or resistance. As price is falling down into the 200 moving average, investors should view the 200 moving average as support. In just a six weeks, Walt Disney has fallen from over $116 to this $104 key support. That is a big fall for this mega sized company. I personally view it as an indictment on the economy. Basically, it may be saying the economy is weakening and Walt Disney Co is the leading indicator. Investors can look for a quick technical bounce off the daily 200 moving average. But after that bounce of 5% or so, investors should exit. Ultimately, I see Walt Disney going even lower.

 

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