Shares of Disney (DIS) - Get Walt Disney Company Report are trading just above the early August low. The stock has been struggling since its third-quarter earnings report sparked a huge buying wave back on Aug. 10. After gaining over 2.5% in the early going that day, Disnye faded into the close and has been drifting lower since. As overhead pressure continues to increase, Disney is setting up for more downside.

The day before Disney's recent earnings, investors were aggressively buying shares. Upside volume on Aug. 9 reached the third heaviest level of the year. The next day, Disney bulls were even more aggressive, pushing volume to well over triple the 50-day average. As Disney drops below the Aug. 9 low, all of the earnings-inspired buyers will finish the week underwater. This downside pressure will only increase as a new week begins.

In the near term, Disney should keep a close eye on the June low of $94. The stock will continue to be range-bound near key support until this level gives way. Once the June low is convincingly taken out, a deepsell off could be on the way. The next support zone is a very solid one. Near $90 is the stock's 2015 low as well as the January 2016 low. Patient Disney investors should take advantage of a retest of this important area.

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This article is commentary by an independent contributor. At the time of publication, the author was long DIS.