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February 22, 2023
While on a 4 day downtrend, dropping a total of 6.74%, More of the same today: Walt Disney is down to $101.88, after ending yesterday at $102.09. Overall, a 0.21% loss or 21 cents today.
United States FOMC Meeting Minutes is next today at 19:00 UTC.
Meanwhile, United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
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, Bollinger Bands® shows an indication of recovery: the lower band is at $102.51, a low enough level to, generally, suggest that Walt Disney is trading below its fair value.
Overall, the technical outlook suggests Walt Disney is likely to remain muted for the immediate future, with no clear-cut direction.
Positive performances can be seen by looking at other consumer discretionary stocks as Amazon is trading at $96.71 after ending yesterday's session at $94.58 (up 2.25%). Home Depot is trading at $299.53 after ending yesterday's session at $295.5 (up 1.36%).
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 1.17 million while its preceding data was 16.28 million, data will be available tomorrow at 16:00 UTC. Projections for United States Initial Jobless Claims are set for a continuation of decline with 200,000 while previous data was 194,000; data will be released tomorrow at 13:30 UTC.
Furthermore, United States GDP is expected tomorrow at 13:30 UTC.
Walt Disney hit a significant low of $84.17 around a month ago, but has since recovered 21.29%.
