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April 22, 2023
Yesterday at a glance: bullish sentiment helped the entertainment and content production company to hammer out a noteworthy $97.72 to $99.72 range yesterday, and finally closing at $99.57 to end the session.
At the same time, United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. Fresh CFTC Gold speculative net positions data from United States came out at 189,900.
Walt Disney made an initial breakout above its 50 day Simple Moving Average at $99.68, a potential indicator of a newly emerging bullish phase. Walt Disney is currently trading around the $98.54 Fibonacci resistance level. In contrast, Walt Disney is 72 cents away from testing key resistance at $100.29. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems Walt Disney might continue pointing upwards in the short term.
This rally in Walt Disney's share price coincided with other consumer discretionary stocks as Amazon traded at $106.96 after closing yesterday's trading day at $103.81 (up 3.03%). Booking Holdings gained 1%, as it traded at $2,687.33.
Walt Disney went up yesterday, yet these consumer discretionary stocks did not follow — Alibaba went down 1.77%, closed at $90.74.
The stock has been trending positively for about a month. Walt Disney hit a significant low of $84.17 around 3 months ago, but has since recovered 16.51%.
