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Third of the week! Let’s review even more names:
The Walt Disney Company (NYSE: DIS)
DIS is struggling to break above its 2015 prior ATH at 122.08. It’s also in the midst of a monthly imbalance fill from 99-112.
The key level to watch for the time being is the monthly level at 111.84 and the near-term resistance trendline in red.
Should DIS break above this resistance trendline, it could potentially head back into the 118.18 level.
Otherwise, if 111.84 continues to act as resistance, then DIS could re-enter the red descending channel that it broke out of and retrace back to 98.59.
DIS needs to reclaim its 2015 prior ATH for continuation to the upside.
Chevron Corporation (NYSE: CVX)
CVX has been pushing higher ever since the Venezuela coup occurred, given their substantial presence in the country. The movement in CVX is, for the time being, front-running the compression pattern in CL futures. It formed a weekly imbalance at 168-173 following this week’s weekly close.
On the lower 4h timeframe, CVX is trading in an ascending channel. Should it lose the 176-178 weekly area, it could see a pullback into the 168-173 imbalance. Otherwise, it could grind steadily into the 1.618 Fib extension at 187.88 once more.
Shorts might only be viable if there’s a structural breakdown of the channel.
Honeywell International Inc. (NASDAQ: HON)
HON broke out of its ascending triangle consolidation and formed a weekly imbalance at 223-225 after this week.
On the lower 4h timeframe, HON is trading in an ascending channel. Some bearish divergence might be starting to form on the RSI, with a bearish stochastic crossover also having formed on Friday. A breakdown of the ascending channel should see a pullback into the 223-225 area.
Otherwise, it should be similar - buyers likely step in at channel support and sellers at channel resistance. If HON breaks out of its ascending channel, it's likely to see continuation into the 1.618 Fib extension at 271.49 next.
@TigerWire @TigerStars @TigerEvents @CaptainTiger @MillionaireTiger
$Walt Disney(DIS)$ $Chevron(CVX)$ $Honeywell(HON)$ $Apple(AAPL)$ $Amazon.com(AMZN)$
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