Disney's stock looks ready to make a move as well and on Wednesday attempted a bullish break north.

See Also: How To Buy And Sell Disney Stock

The Walt Disney Co Chart: Disney has been consolidating in a symmetrical triangle with a bottom trendline that can be traced back to Feb. 24, 2020, when the stock gapped down on COVID-19 fears. The bottom trendline has held as support on a number of occasions, especially during the past four trading days when Disney has repeatedly tested it as support.

On Wednesday, Disney's stock printed a bullish engulfing candlestick just under resistance of the downward sloping trendline of the triangle. This indicates Disney could break up from the triangle soon if bullish momentum in the stock is maintained.

Disney has two gaps on its chart, one at $158 to $160 and another from $128 to $133. Because gaps fill 90% of the time it's likely the stock will trade down to fill them in the future although that may not be in the short term.

Also on Wednesday, Disney was able to regain, and close above, the eight-day exponential moving average (EMA). The eight-day EMA will now act as a support for the stock. Disney is trading below the 21-day EMA, with the eight-day EMA trending below the 21-day EMA, which is bearish.

Bulls will want the stock to jump and recapture the 21-day EMA as support. Disney is trading about the 200-day simple moving average, which indicates overall sentiment in the stock is bullish.

Bulls want to see bullish volume come in and bust Disney's stock up over the top of the triangle. If it can close up above the triangle, it will also recapture the 21-day EMA as support, which could propel it toward the $180 level.

Bears want to see the upper trendline of the triangle continue to act as resistance and for it to drive the stock down until it loses support at $171.89 and falls down below the triangle. If it loses the levels as support, it could trade down toward $160.90.

DIS Price Action: Disney was trading up 1% to $177.15 at publication time.