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April 26, 2023
A quick look at yesterday: an influx of sellers pushed the entertainment and content production company to session lows around $98 while establishing a $98 to $99.7 session range yesterday.
Core Durable Goods Orders data from United States will be released today at 12:30 UTC with analysts expecting a decline to -0.2%. Potentially significant price fluctuations in Walt Disney are expected to follow.
Highly important Consumer Confidence data from United States beat analyst expectations of 104 with a reading of 101.3.
While price action maintains a negative bias, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000. United States Building Permits released yesterday at 12:10 UTC with a figure of 1.43 million, while the previous figure was 1.55 million.
Walt Disney could begin to recover as it approaches significant support, now 57 cents away from $97.44. Dipping below could be an indication that further losses are ahead. Despite being in the red so far in the current trading session, Walt Disney peaked above its 50 day Simple Moving Average around $99.22 — typically an early indicator of a new bullish trend beginning to emerge. Walt Disney's lower Bollinger Band® is at $97.09, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Despite this, bearish sentiment was sufficient to push prices below the known Fib level of $98.54 serving as intraday support.
Overall, looking at the technical analysis landscape, it seems Walt Disney might start pointing upward in the short term.
Walt Disney was not the only decliner in the consumer discretionary sector; Alibaba went down to $82.92, losing 4.57% after it closed at $86.89 yesterday. Amazon closed at $102.57 (down 3.43%). Nike falls 1.91% yesterday to close at $127.09.
Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.2%, following on from the preceding figure of -0.1%. New data is set to be published today at 12:30 UTC. Tomorrow at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%.
Moreover, United States Crude Oil Inventories is projected to outperform its last figure with -1.49 million, having previously been at -4.58 million. The figure will be published today at 14:30 UTC.
The stock has been trending positively for about a month. Walt Disney hit a significant low of $84.17 around 3 months ago, but has since recovered 18.43%.
