Disney Closing in to Support

Published on Tuesday, 09 February 2010 09:16 Written by Danny Miller

New York, Feb 9^th (TradersHuddle.com) - Shares of Walt Disney Co. (NYSE:DIS) are trading very close to calculated support at $28.99 with current price action closing at just $29.48 places the stock price near levels where traders will start paying attention.

The Walt Disney Company, 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's current stock range is defined by current calculated support defined at $28.99 and by the resistance level at $30.87, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Disney's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $30.87 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.