| 
May 12, 2023
Walt Disney traded at $92.31 after making its biggest single-day drop of $8.83 (8.73%) since December 2022.
United States Producer Price Index fell short of the 0.3% projections, with new data of 0.2%. Initial Jobless Claims in United States fell short of market expectations (245,000) with a reading of 264,000, continuing the decline from the previous figure of 242,000.
Meanwhile, United States Fed's Balance Sheet released yesterday at 20:30 UTC with a figure of 8.50 trillion, while the previous figure was 8.50 trillion.
Chart analysis indicates although Walt Disney is pointing down today (was as low as $91.88), it's climbing away from the $91.09 support line and is now $1.22 above it. Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Walt Disney's lower Bollinger Band® is at $93.59, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, the technical outlook suggests Walt Disney is likely to remain muted for the immediate future, with no clear-cut direction.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Alibaba was up 5.96%. Amazon gained 1.81%, as it traded at $112.18. Tesla traded at $172.08 after closing yesterday's trading day at $168.54 (up 2.1%).
The entertainment and content production company is now trading 13.47% below its 3-month high of $124.96.
