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February 27, 2023
A quick look at Friday: after closing the previous trading day at $101.73 and dropping to $98.96, the entertainment giant closed Friday at $100.3. By the end of the session, Walt Disney gave up a total of 1.41%.
Walt Disney made an initial break below its 50 day Simple Moving Average at $99.28, a possible indication of a forthcoming negative trend. On the other hand, note that Walt Disney's lower Bollinger Band® is at $99.32, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Although Walt Disney is down today and was as low as $98.96, it seems to be recovering slightly and climbing away from the $98.43 support line and is now $1.87 above it.
Overall, looking at the technical analysis landscape, it seems that although indicators are mixed and some are pointing in different directions further drawbacks may be next for Walt Disney.
Walt Disney was not the only decliner in the consumer discretionary sector; Alibaba went down 5.48%, closed at $94.16. Toyota closed at $136.05 (down 2.09%). Amazon lost 2.42% Friday and closed at $93.5.
Looking ahead, ongoing depreciation may be prolonged as United States Pending Home Sales projected to decline to 1% while previous data was 2.5%; data will be released today at 15:00 UTC.
Moreover, United States Core Durable Goods Orders is projected to outperform its last figure with 0.1%, having previously been at -0.2%. The figure will be published today at 13:30 UTC. United States Consumer Confidence is projected to outperform its last figure with 108.5. It previously stood at 107.1; data will be released tomorrow at 15:00 UTC.
2 months ago, the entertainment giant fell to a low of $84.17 but has since recovered 20.86%.
