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Disney (DIS) on Reversal Watch

Disney (DIS) on Reversal Watch

by | Jul 8, 2021 | Chart SetUps

Disney (DIS) bounced well off its lows on 7/8 from just above the rising 200-day moving average at $167.55 and YTD lower value support at $168.65 putting shares at an attractive reward/risk level. DIS needs to clear a key volume node at $178 to work out of this pullback trend while VWAP off its highs at $182.80 the next level of note followed by YTD upper value $189.50. We have started to see bull flows move back into reopening/travel plays and DIS feels like a good opportunity here as the Disney+ surge hysteria has died down a bit, and risking 7 points (versus $166) for 17 upside is a fairly good reward/risk.