Disney’s stock has been sailing southwards since the peak at a record high of 202.87 almost a year ago, recently charting a new lower low at 129.10 before crawling back to 142.30.

Despite the upturn in the RSI and the MACD, the former has yet to break above its 50 neutral mark and the latter is still hovering within the negative region, both reflecting some caution among traders ahead of the company’s post-market Q1 earnings release today.

A step above the 20-day simple moving average (SMA) and the 144.50 resistance could improve market sentiment, clearing the way towards the nearby barrier of 153.00. Beyond the latter, the bulls will attempt to upgrade the short-term outlook above January’s high of 160.07 and gear up to the 200-day SMA at 168.70.

If the 144.50 region proves strong enough to squeeze the price below the 139.00 base, the spotlight will fall again to the 132.00 - 129.10 support zone. A decisive close lower from here may produce stronger selling pressures towards 121.42 taken from October 2020.