Disney Bullish Engulfing Formed

dis New York, January 28th (TradersHuddle.com) - Shares of Walt Disney Co. (NYSE:DIS) ended the trading session higher by $0.43 or 0.8% from its previous close. Disney's price action formed what is considered to be a bullish engulfing candle that could very well signal a continuation of trend or reversal of the ongoing weakness.

The Walt Disney Company (NYSE:DIS), the largest media company in the world, conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and Internet and direct marketing. The Company produces motion pictures, television programs, and musical recordings, as well as publishes books and magazines. Disney also operates ABC radio and television, cable channels and theme parks around the world. Disney owns the most watch and valuable sports network in cable, ESPN. The entretainment company was founded by Mr. Walt Disney in 1923 and its based in Burbank, CA.

Disney's recent stock range was formed by a trough where calculated support was defined at $46.96 and by a peak that established the resistance level at $54.87. This range could be used by traders managing their positions.

Traders wanting to establish a position in Disney or traders that are already holding the stock can use the bullish engulfing pattern to their advantage. The pattern provides a defined risk, as it shows where the bears were able to push the stock down, before the bulls step in with a bid.

The bullish engulfing pattern is a leading indicator that provides an alert to the bulls that the trend will continue or that there is an immediate reversal to the short-term weakness seen on the stock. Below an Engulfing Bullish Candle Illustration:

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