Buy Disney shares with 'both hands' if it reaches this key level: Miller Tabak $DIS (via TradingNation)
The entertainment giant has rallied nearly 30% since April as investors look past the coronavirus pandemic to the company's eventual rebound."It's very similar to what it saw in late March after its initial bounce after a big sell-off in the first quarter," Maley said Thursday on CNBC's "." Just as then, he warns it could be getting overbought after its steep run. "It could pull back. You don't want to be too aggressive up here.
If it should hit a ceiling, Maley identifies two key levels that could provide opportunities to buy at lower levels. "The 200-week moving average down at about $114. That's provided excellent support for the stock, so that's a level you want to get more aggressive," he said. "If for some reason, the market gets hit and this gets thrown out — the baby gets thrown out with the bathwater — the $100 level, that's provided great support back in May. That's where you really want to back up the truck.
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