There is now a bidding war for FOXA. The two companies that are looking to take over the media firm are Walt Disney (NYSE:DIS) and Comcast (NASDAQ:CMCSA). Early Tuesday, reports surfaced 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; we just care about the charts. At this time, the chart is setting up for further downside in Disney shares.
Disney Levels To Watch
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 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 level for Disney stock.