Walt Disney - break and close above $103.92 confirmed. $109-$110 next?

Taking a look at Disney after its shares surged after its earnings report. We can see that on the daily timeframe, the price has clearly broken and closed above the resistance of $103.92. In theory, this is a bullish indication and could see the price rise higher. Currently, Disney’s shares are trading at around $107.06 a share in all sessions trade (pre-market in US). The next resistance here for the stock is the level of $109.63 followed by $122.40. Stocks have been surging for multiple weeks now, some would say that the stock market is becoming somewhat overbought. This creates some uncertainty for investors as a pullback may be due, especially with February being a weak month historically. However, as we have seen from recent earnings from other companies, momentum seems to be the driver here. Therefore, there is a possibility that Disney may continue rising past various psychological resistance zones. Nevertheless, caution is always adequate. Some markets have a tendency to pullback after a breakout to establish support levels, hence, the previous resistance of $103.92 is now acting as support. A test cannot be ruled before a move higher. A move below this support would incentivise the bears to try and force the stock lower towards the trendline support, approximately $95-$96 from the current stance. Looking at the technical indicators, MACD is now strongly positive and seems like it has more to go but the RSI is now suggesting ‘overbought’ as it reads 78. It may be the case of some consolidation around the current price, which will see the RSI level out before a push higher. Although, this is just speculation.