Ideas On: Disney Breakout, Exxon Triple Top And Nike Trading Setup

This week I proudly present three new cool trading ideas with good risk reward ratio that can make us some more money in the long run as they have the potential and probability to happen in the near term, two setups are good right now and have a go for next week.

The US economy has performed better than expected in 2023, growing at a rate of 3.3% in the last quarter and defying recession fears. It is still outperforming most of its peers in the world, thanks to its strong fundamentals, resilient consumer confidence, and robust labor market. This scenario assumes a gradual easing of demand, a soft landing of the economy, and a stable inflation environment.

Disney breakout from a falling wedge

After bouncing from its 80s low in October this corporation was poison to breakout from its falling wedge too as you can see on the chart and now is chasing the Fibonacci retracement lines with the 38.2% at a confluence with 126 high and wedge height. That will be our target for 2024 and we can start and look for buying opportunities like breaking above 96.51 or dipping back to 86 that turned support. Be aware Disney will release earnings on 7 February and will be a strong catalyst for our position.

Exxon formed a triple top and broke its trendline

Exxon Mobil broke its long term trendline after forming a triple top last year but the move was rapidly contained by the 23.6% fibo from where the price bounced back. This can be just the start of a larger pullback and it all depends if the corporation will post good or bad fundamentals on 2 february. If they will beat expectation we can see a trendline retest but if they miss we will assist at this reversal and the downtrend may start hunting the 38.2% fibo and 85 support witch will be our target for 2024.

Nike its consolidating inside a triangle

Nike price range is narrowing inside a symmetrical triangle and right now is bouncing from the 100 psychological level after the corporation missed a little the revenue expectations from December. It's worth a shot as the risk reward ratio is too good so a buy here with a stop at 99 can bring us more than 15 dollars profit per share.