stock
Walt Disney (DIS-N, Monday’s close US$108.49) declined from US$203.01 in March, 2021, to US$90.23 in July, 2022, (A–B), trading below its falling 40-week Moving Average (40wMA). The stock then settled into a broad horizontal trading range, mostly between US$80 and US$125, oscillating above and below its 40wMA for several years (dashed lines).
After reaching the top of the range in July, 2025, (C), Disney traded below a falling trendline for just over a year (dotted line). Its recent move above both the trendline and 40wMA suggests the start of a new advance toward the upper end of the range (D). However, only a sustained move above US$125 would confirm a breakout and signal a new uptrend toward higher targets.
The bullish outlook would be invalidated only by a sustained decline below the 40wMA, currently near US$103–104.
Near-term upside potential is toward US$120–125. Only a sustained break above US$125–126 would trigger Point & Figure targets of US$140 and US$155, while a breakout from the larger trading range would support significantly higher targets.
Monica Rizk is the Senior Technical Analyst of the Phases & Cycles publication (www.capitalightresearch.com). Chart, courtesy of www.LSEG.com