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Walt Disney Co. (Friday’s close US$116.21) traded in a large triangle formation made up of lower highs and higher lows for about three years (dashed lines).

The recent rise above the top of this formation (A) suggests a breakout and renewed investor interest. A rise above ±$122 (A) would signal the start of a new up-leg.

Behaviour indicators including the 40-week Moving Average (40wMA) and the rising trend-line (solid line) confirm the bullish potential. Only a sustained decline below $107-108 would be negative.

Point & Figure measurements suggest targets of US$135 and US$145. The large triangle formation (dashed lines) supports significantly higher targets.

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Monica Rizk is the senior Technical Analyst and Ron Meisels is the president of Phases & Cycles Inc. (www.phases-cycles.com). And he tweets at @Ronsbriefs. They may hold shares in companies profiled.

Chart source: www.decisionplus.com

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 17/05/24 7:00pm EDT.

SymbolName% changeLast
DIS-N
Walt Disney Company
-0.12%103.25

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