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June 22, 2023
Yesterday at a glance: in yesterday's bearish session, the entertainment and content production company shed around 1.24% in quick fashion, found support around the $88.11 level and finally closed at $88.64. In contrast, the day's events followed Tuesday's session in which the stock closed at $89.75.
United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected improvement to 260,000. Walt Disney reaction to indicator information will follow.
While price action maintains a negative bias, United States API Weekly Crude Oil Stock came out at -1.25 million, while a consensus of analysts was expecting -433,000. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 4.01, while the previous figure was 3.954.
The MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. In contrast, Walt Disney could begin to recover as it approaches significant support, now 70 cents away from $87.94. Dipping below could be an indication that further losses are ahead.
Several technical indicators are adding weight to the bearish momentum seen yesterday and forecasting Walt Disney to extend its recent losses.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories expected to decline to 1.87 million while its preceding data was 7.92 million, data will be available today at 15:00 UTC.
Some optimism can drawn from the fact that United States Initial Jobless Claims is projected to outperform its last figure with 260,000. It previously stood at 262,000; data will be released today at 12:30 UTC.
Furthermore, United States Services PMI is expected tomorrow at 13:45 UTC.
Having soared to a high of $124.96 approximately 10 months ago, the entertainment giant is now trading 28.18% lower.
