AI
Tuesday, May 29, 2018 11:14:56 AM
There is now a bidding war for Twenty-First Century Fox (NASDAQ:FOXA). The two companies that are looking to take over the media firm are Walt Disney Co (NYSE:DIS) and Comcast Corporation (NASDAQ:CMCSA). Earlier today, reports were released that Disney is preparing to increase its bid for FOXA to counter the Comcast offer. As a technical trader, we don’t really care what a company pays for another company, we just care about the chart. At this time, the chart is setting up for further downside in Disney shares. Currently, DIS stock is trading around $100.65 a share. Unfortunately, the pattern on the chart is saying that this stock could drop as low as $90.00 a share before becoming a buying opportunity. Now please understand, anything can happen when a company is fighting to take over another business, but this chart signals a strong buying opportunity around the $90.00 level for Disney stock.
Nicholas Santiago
InTheMoneyStocks
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