DIS (Disney) Long opportunity coming up, move to $175!

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Disney popped aggressively on the launch of their new streaming service that captivated a large audience and took away from other streaming competitors such as Netflix. Disney has yet to report an earnings report with their Disney + addition and there is more upside to come over the next few months.

Where should one look for longs on Disney? Based on pure technical analysis one could identify good levels without buying a top. The first thing to consider is how the overall market is doing, there is some more strength to come out due to the money getting flooded into the economy.

The next thing is the previously broken high on the year-to-date on Disney, which is $144.50-146. This is also the 50% retrace level based on the pop that brought price to a new high, which is also a low volume node on the year-to-date volume profile. This is a huge support level that could bring price up to $175!

Disclaimer: This idea is for educational purposes only, this does not constitute as investment or trading advice. TRADEPRO Academy is not responsible for any market activity.