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May 27, 2023
While in the midst of a 7 day downtrend, losing a total of 5.83% ($5.62), Yesterday may indicate a change of direction; after closing at $88.14 on Thursday, Walt Disney maintained a strong bullish bias that helped the stock close higher at $88.29 yesterday. However, market bears ensured the the entertainment giant topped out at $89.24 and that by the end of the session, the market had marked out a distinct $88.1 to $89.24 range.
Walt Disney's uptick comes amid disappointing United States macroeconomic data released during the session – United States Core Durable Goods Orders published yesterday at 12:30 UTC came out at -0.2%, falling short of the 0% projections and continuing its decline from the previous 0.3% figure.
Meanwhile, United States Core PCE Price Index (MoM) (Apr) released yesterday at 12:30 UTC with a figure of 0.4, while the previous figure was 0.3. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 193,100, while the previous figure was 191,500.
Walt Disney made an initial breakout above its 3 day Simple Moving Average at $89, a potential indicator of a newly emerging bullish phase. Despite this, after reaching the known resistance zone beginning at $88.47, Walt Disney price action retreated approximately 18 cents.
Examining the technical analysis landscape, Walt Disney might continue its downtrend in the short term.
This rally in Walt Disney's share price coincided with other consumer discretionary stocks as Amazon was up 4.44%. Tesla was up 4.72%.
The entertainment and content production company has shed 12.12% over the past three months.
