A 52 Week High for Disney, will it Hold?

Published on Friday, 29 June 2012 12:34 Written by TradersHuddle Wire

New York, June 29th (TradersHuddle.com) - Shares of Walt Disney Co. (NYSE:DIS) booked a new 52 week high today by trading above $48, traders are definitely monitoring Disney's price action to see if this move attracts further buying into the stock.

The Walt Disney Company (NYSE:DIS), the largest media company in the world, conducts operations in media networks, studio entertainment, theme parks and resorts, consumer products, and Internet and direct marketing. The Company produces motion pictures, television programs, and musical recordings, as well as publishes books and magazines. Disney also operates ABC radio and television, cable channels and theme parks around the world. Disney owns the most watch and valuable sports network in cable, ESPN. The entretainment company was founded by Mr. Walt Disney in 1923 and its based in Burbank, CA.

Disney is currently trading 1.38% versus its previous trading session close, and it has calculated support and resistance at $40.88 and $48.00 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading higher by 1.88% from its previous trading close, which means that Disney stock is underperforming the overall market.