Walt Disney buoyed by important support - Analysis - 23-08-2017

Walt Disney's stock (DIS) rose in the intraday levels, scoring a profit of 1.58% in the last session, or 1.60 points, after the support of 101.18 held on, representing the ratio 50% of Fibonacci retracement levels for an ascending wave in the short term (from 86.25 to 116.10), in an attempt to vent off the oversold saturation in relative power indicators, countered by negative pressure from the 50-day SMA. 

Therefore we expect the stock to return lower, especially if it settled back below 101.18, targeting the next support at 97.65, which represents the ratio 61.8%.