Disney (DIS) – Disney + Breakout – Feb 3rd, 2020
Bullish – DIS $11.71 – Consumer Discretionary
The S&P 500 (SPY) has started to reverse lower on coronavirus fears. As we have said for weeks, we expect a pullback towards its $302 breakout level.
DIS Trade Idea:
On CNBC’s OptionsAction show on Friday, Tony Zhang, Chief Strategist of OptionsPlay suggested that Disney’s earnings next week could be the catalyst it needs to resume a bullish trend. DIS has pulled back towards its $135 breakout level, providing a good entry for a long position. Tony Zhang, expecting DIS to beat earnings, suggests buying a March 135/150 Call Vertical @ $5.35 Debit. As of Friday’s close, these calls were trading at $5.63 Debit.
We’ve structured this trade in OptionsPlay so you can analyze and view this trade along with the supporting technical chart at your convenience. You can also view the Options Action’s video by clicking on the following link: DIS OptionsAction Trade
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