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May 19, 2023
A quick look at today: the entertainment giant has recovered almost all of its session losses after dipping down to $91.31 today.
Walt Disney is currently trading at $91.35 following the release of Fed Chair Powell speech data from the United States.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — United States Initial Jobless Claims beat the 254,000 projections, with 242,000.
While price action maintains a negative bias, United States Existing Home Sales (Apr) released yesterday at 14:00 UTC with a figure of 4.28 million, while the previous figure was 4.43 million. United States Philadelphia Fed Manufacturing Index (May) came out at -10.4, while a consensus of analysts was expecting -19.8.
Walt Disney made an initial break below its 5 day Simple Moving Average at $92.47, a possible indication of a forthcoming negative trend. In contrast, Walt Disney could begin to recover as it approaches significant support, now 57 cents away from $90.78. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen today and forecasting Walt Disney to extend its recent losses.
Walt Disney was not the only decliner in the consumer discretionary sector; Nike went down 3.46%, closed at $118.87. Alibaba went down to $84, losing 2.09% after it closed at $85.77 today. Amazon lost 1.61% today and closed at $116.25.
The entertainment and content production company is now trading 10.28% below its 3-month high of $124.96.
