The shares of The Walt Disney Co., one of the leaders in the entertainment industry, are moving in a correction trend at 96.00.

On the daily chart, the price is moving away from the resistance line of the downward channel with dynamic boundaries of 97.00–92.00, trading just below the full Fibonacci correction of 61.8% at 95.60.

On the four-hour chart, the quotes can overcome the low of last week at 96.10. Then, the decline will move into the stage of a full-fledged trend since all correction levels are broken. A consolidation below the full Fibonacci correction of 61.8% at 95.60 will allow the price to reach 90.00. In case of a reversal and growth of the asset, a local ascending wave may form, with the target at the intermediate Fibonacci correction of 50.0% at 101.40.

Technical indicators are holding the sell signal: fast EMA on the Alligator indicator are below the signal line, and the AO histogram is forming correction bars in the sell zone.

Trading tips

Short positions may be opened after the price consolidates below 94.60, with the target at 88.40. Stop loss is 96.40. Implementation period: 7 days or more.

Long positions may be opened after the price consolidates above 96.10, with the target at 101.40. Stop loss is 94.00.