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Walt Disney - seems like a breakout for Disney on the daily is underway. Maybe a push towards $102-$103

Chart & Data from IG

By Minipip
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Walt Disney - seems like a breakout for Disney on the daily is underway. Maybe a push towards $102-$103

Taking a look at Disney as its share price broke through the resistance of $96.50 in yesterday’s session. The stock closed at $97.47 and is now trading at around $97.38 a share. Looking at the daily chart, we can see that back in October the price rallied to $96.50 after finding a bottom around $78-$79. The stock then saw some profit-taking along with a small retracement back to the 50-day moving average, the price did actually dip below the 50MA but managed to find support at $88.68. It now seems like another leg is underway with the next key resistance target sitting at $103.92 (white trendline). The support here now for Disney is at $96.41 then at $93.58 and then at $92.62. $92.62 currently correlates with the 50MA, hence, a pullback towards this level would be a vital test for the stock to uphold its recent bullish momentum. Looking at the technical indicators, the MACD is positive and rising, and the RSI is also positive as it reads 64.   

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