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March 06, 2023
During a 3 day uptrend, Walt Disney gained a total of $2.6, or 2.41%. Now turning against its recent performance, while bearish sentiment is dominating the market, the entertainment giant is maintaining its poise around $100.91 while ranging between $100.88 and $102.69 so far today.
While price action maintains a negative bias, data for United States Factory Orders released today at 15:00 UTC is better than expected with -1.6%, but worse than previous figure of 1.7%.
Walt Disney could begin to recover as it approaches significant support, now $1.29 away from $99.62. 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 200 day Simple Moving Average around $101.76 — typically an early indicator of a new bullish trend beginning to emerge.
Overall, looking at the technical analysis landscape, it seems Walt Disney might start pointing upward in the short term.
In the meantime, negative performances are also seen in other consumer discretionary stocks as after closing the previous session (Friday) at $197.79, Tesla lost $3.26 and is trading around $194.53.
Positive performances can be seen by looking at other consumer discretionary stocks as Lowe's added 0.85% to its value, now trading at $201.42.
Furthermore, United States Fed Chair Powell testimony set for tomorrow at 15:00 UTC. United States EIA Short-Term Energy Outlook is expected tomorrow at 17:00 UTC.
On a negative trend for around a month. Walt Disney hit a significant low of $84.17 around 2 months ago, but has since recovered 20.16%.
