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Walt Disney Company (NYSE:DIS) – $32.37
Walt Disney was upgraded this morning by Bank of America/ Merrill from Neutral to Buy. Target price was raised from $33 to $42. Disney has an improving technical profile. This morning the stock briefly broke resistance at $32.75 to reach a 17 month high. Short term momentum indicators (MACD, RSI) continue to trend higher. Current intermediate upside potential is to $37.35.
Chart courtesy of StockCharts.com www.stockcharts.com
Walt Disney is about to enter into one of its two periods of seasonal strength from early March 11th to June 5th. Following is a 10 year seasonality chart from www.equityclock.com
U.S. retail merchandiser stocks were a technical highlight this morning following release of surprisingly strong February chain store sales. Retail merchandiser stocks that broke above resistance levels this morning included Gap, Inc (NYSE:GPS) – $21.92, Ross Stores, Inc (NASDAQ:ROST) – $51.28 and Target Corp. (NYSE:TGT) – $52.82. ‘Tis the season for U.S. Retail merchandisers to move higher until mid April!
Chart courtesy of StockCharts.com www.stockcharts.com
Chart courtesy of StockCharts.com www.stockcharts.com
Other S&P 500 stocks that broke above resistance levels this morning included Google, Inc (NASDAQ:GOOG) – $553.87 and Goldman Sachs (NYSE: GS) – $162.44
TSX Composite stock breaking above resistance this morning included Systems Xcellence (TSE:SXC) – $59.67 Cdn. and Toronto Dominion (TSE:TD) – $69.71 Cdn. One stock broke support: CML Healthcare (TSE:CLC/UN) – $12.68 Cdn.
Disclaimer: Comments offered in this report are for information only. They should not be considered as advice to purchase or to sell mentioned securities. An attempt to provide accurate data has been made, but accuracy is not guaranteed.
Don Vialoux is a research analyst for JovInvestment Management Inc. All of the views expressed herein are the personal views of the author and are not necessarily the views of JovInvestment Management Inc., although any of the recommendations found herein may be reflected in positions or transactions in the various client portfolios managed by JovInvestment Management Inc
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Tags - Previous posts for stock ticker: DIS, GOOG, GPS, gs, ROST, TGT
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Discussions from the Tech Talk Forum:
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March 4th, 2010 at 11:20 am
Hi Don,
What’s opinion of CML Healthcare (TSE:CLC/UN) ?
Thanks much
March 4th, 2010 at 11:21 am
Sorry, your opinion.
March 4th, 2010 at 2:14 pm
Hello Don,
Is the 4-Year Election Cycle for the Midterm Years on the Seasonal Charts the same as on the Equity Clock Charts? Is this still a relevant seasonal chart to follow?
Thank you.
Ana
March 4th, 2010 at 5:07 pm
Hello Don
Could you let us know support and resistance for GS? Thanks
March 4th, 2010 at 5:30 pm
Hi Jonnie. CML Healthcare broke support on the charts today and established an intermediate downtrend. Not a good sign when markets generally are moving higher!
March 4th, 2010 at 5:33 pm
Hi Roy. Goldman Sachs broke above a six week trading range this morning between $147.48 and $159.58. Next resistance is at $178.35.