3 Stocks To Watch: DIS, RIG, FCX
Alexandros Yfantis | Sep 23, 2016 06:14AM ET
The Walt Disney Company (NYSE:DIS) is in a strong long-term downtrend since May 2016. Price and the stochastic oscillator suggest we might be at the early stages of a bounce towards the long-term red downward sloping trend line or even towards the Ichimoku cloud. So as long as price is above $91.50 bulls are safe.
Transocean Ltd (NYSE:RIG) is mainly moving sideways from March 2016. Price is trapped inside a trading range. Price is inside a bearish short-term channel. A break above $9.90 will open the way for $10.80-11. Important resistance levels are at 13.20-13.60 and support at $8-8.40.
Freeport-McMoran Copper & Gold Inc (NYSE:FCX) is also trading inside a long-term trading range. Price has broken the short-term downward sloping channel. Both oscillators imply more upside to come. Maybe towards the Ichimoku cloud resistance at 11.70. Traders should be very cautious as we reach resistance levels.
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