There's a Trade Coming in Disney

$DIS

DIS 0.00%↑ has been trading on elevated volume since its May earnings report, but is nonetheless stuck. The company reports earnings in about a month, and it feels like there’s something coming.

I can’t own it below the AVWAP from the last earnings report, but on a break above it, I’d be playing it for upward movement into the gap (shaded green).

Conversely, a breakdown below $87 opens up the window for a short trade in my view, with a target near the December ‘22 low of $84. The next downside price point from there would be the covid low of $79. That in itself has me leaning more towards the upside potential outweighing the downside, but as always, I’ll let the market dictate which way I make the trade.