First up is Disney (DIS), a name that's churned out some stellar performance year-to-date: Since the calendar flipped over to January, shares of Disney are up close to 30%. And now the technical setup in shares of this $114 billion entertainment giant points to even higher ground in the second half of 2013.
Disney is forming an ascending triangle, a bullish pattern formed by a horizontal resistance level to the upside at $67 and uptrending support to the downside. Basically, as DIS bounces in between those two technical levels, it's getting squeezed closer and closer to a breakout above resistance. When that breakout happens, it's time to be a buyer.The 50-day moving average has been acting as a reasonable (if conservative) proxy for support over the course of the setup. It's a good place for a protective stop.
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