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April 30, 2023
Friday at a glance: the entertainment and content production company went up to $102.5, gaining 2.57%.
Walt Disney made an initial breakout above its 200 day Simple Moving Average at $101.16, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $101.14 by around $1.36 with prices hammering out a $99.08 – $102.56 session range. Despite this, Walt Disney's upper Bollinger Band® is at $102.62, this is a slight indication of a slowdown. Walt Disney could be slowing down soon as it approaches resistance at $103.68. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Walt Disney likely to continue pointing upward in the short term.
A look at other consumer discretionary stocks also showed bullish price action as Home Depot gained 2.25%, as it traded at $300.54. Tesla traded at $164.31 after closing Friday's trading day at $160.19 (up 2.57%).
Walt Disney went up Friday, yet these consumer discretionary stocks did not follow — Amazon went down to $105.45, losing 3.98% after it closed at $109.82 Friday.
Also worthy of note, United States ISM Manufacturing PMI (Apr) is scheduled for tomorrow at 14:00 UTC.
The stock has been trending positively for about a month. Having set a significant low of $84.17 4 months ago, the entertainment giant is trading 18.72% higher.
