Chart of the Day: Disney (DIS)

Posted by Ian Cooper | May 13, 2024 | Chart of the Day | 0 |

Shares of Disney (DIS) appear to be bottoming out.

Not only is it holding support at $105.79, but it’s now a bit overextended on RSI, MACD, and Williams’ %R. From here, we’d like to see DIS initially refill its bearish gap at around $117. Helping, former Morgan Stanley CEO James Gorman just bought 20,000 shares of DIS for about $2.1 million at an average price of $106.03.

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After the pullback, analysts still like the DIS stock.

Needham, for example, just reiterated a buy rating with a price target of $145. The firm says the latest pullback is overdone. Loop Capital also called the pullback an overreaction and reiterated a buy rating with a price target of $140.

Sincerely,

Ian Cooper

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Ian Cooper

Ian Cooper is an expert options trader with decades of experience, and a special talent for predicting big market moves. Together with TradeWins Publishing, Ian shares exactly how you can follow in his footsteps to potentially find huge profits in today's markets.