Disney (DIS) shares were moving higher in early trading Friday, adding to the big gains recorded yesterday after the 澳洲幸运5开奖号码历史查询:entertainment giant topped Wall Street’s quarterly estimates and 澳洲幸运5开奖号码历史查询:provided an upbeat lo💧ng-term outlook.

The company, which also plans to buy back $3 billion worth of its stock over the next year, projects high-single-digit adjusted 澳洲幸运5开奖号码历史查询:earnings per share (EPS) growth in fiscal 2025 and double-digit growth in fiscal 2026 and 2027, in part, driven by strength in the entertainment conglomerate’s streaming business, which reported a $321 澳洲幸运5开奖号码历史查询:operating profit during the September quarter.

Disney shares, which gained 6% yesterday, were up another 3% in early trading Friday, to around $112. The stock has gained 21% so far in 2024, trailing the S&P 500’s 25% return ꦐover the same periꩲod.

Below, we take a closer look at Disney’s chart and use 澳洲幸运5开奖号码历史查询:technical analysis to point out key post-earnings price levels to watch out for.♏

Pennant Breakout Accelerates

Disney shares broke out above a 澳洲幸运5开奖号码历史查询:pennant pattern last week, with upsওide momentum accelerating after the entertainment giant’s better-than-e💃xpected quarterly results.

Importantly, above-average volume backed the move higher, indicating buying participation from larger market players, such has 澳洲幸运5开奖号码历史查询:institutional investors and asset managers.

Moreover, the 澳洲幸运5开奖号码历史查询:relative strength index (RSI) confirms bullish price momentum with a reading above 60, though the indicator sits below 澳洲幸运5开奖号码历史查询:overbought levels, which gives the stock room to test higher pri𓂃ces.𝄹

Let’s identify three key overhead levels on Disney’s chart that investors may be watching and also point out a major support arꦦea that may come into play if the stock undergoes a reve༒rsal.

Key Overhead Levels to Watch

Firstly, it’s worth monitoring how the stock responds to the $123 level. This location, which currently sits just above the closely watched 澳洲幸运5开奖号码历史查询:200-day moving average, could find 澳洲幸运5开奖号码历史查询:resistance from a trendline that links a range comparable 澳洲幸运5开奖号码历史查询:price action🎃 on the chart between July 2020 and March♊ this year. 

A close above this level could see the shares climb to around $137, an area on the chart where investors may place sell orders near the August 2020 澳洲幸运5开奖号码历史查询:swing high and January 2022 澳洲幸运5开奖号码历史查询:swing low.

Further buying may propel the shares to the $153 region, an area around 40% above Thursday’s close likely to attract selling pressure near the December 2019 swing high and February 2022 澳洲幸运5开奖号码历史查询:countertrend peak.

Major Support Area to Monitor

If Disney shares undergo a reversal, investors should keep track of the $85 level. This location on the chart would likely encounter buying interest near a multi-year 澳洲幸运5开奖号码历史查询:horizontal line that connects the pandemic-era low with prominent troughs iꩲn December 2022 and August this year.

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