Disney Plus Can Propel Shares To $200+
Shares of Disney look ripe to continue higher. After consolidating sideways for nearly four years, Disney broke out and the trend should continue. Pulling the Fibonacci Retracement figures from the high and low points of 2015 (ESPN woes) gives two intriguing price targets that represent sizeable upside. Potential catalysts to move shares higher? A better than expected Disney+ launch, continued crushing of the US Box Office, a quick turnaround in their consumer product unit, or a sustainable rebound in ESPN, to name a few.
Looking at the shorter term chart, there is downside risk to this chart, predominantly the gap fill to $117, which would represent ~15% downside from current trading levels. But given the upside potential targets of $169 and $217, the risk/reward setup is in your favor. Trade accordingly.