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June 29, 2023
A quick look at today: after ending today at $88.83, the entertainment giant recovers back to $88.95 after dipping down to $87.34 earlier today.
This uncertain state for Walt Disney is reflected by published market data as following a previous reading of -0.4%, Pending Home Sales in United States released today at 14:00 UTC fell short of the -0.5% figure expected by analysts with an actual reading of -2.7%. United States GDP beat the 1.4 projections, with two. United States Initial Jobless Claims improved upon its previous reading of 265,000 with a new data release of 239,000.
Walt Disney is approaching key support, around $2.26 away from $86.69. Dipping below could indicate further losses are ahead while a failure to break below this level is likely to be seen positively by market bulls. Walt Disney made an initial breakout above its 5 day Simple Moving Average at $88.64, a potential indicator of a newly emerging bullish phase. Walt Disney's upper Bollinger Band® is at $94.39 and the lower is $87.02.
Despite muted price action in Walt Disney, chart analysis indicates it is positioned for a bullish run in the short term.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as McDonald's traded at $294.47 after closing today's trading day at $291.74 (up 0.94%). Alibaba went down 1.23%, closed at $84.59. Amazon withdraws 0.88% today to close at $129.04.
Data to be released tomorrow might clear up some of the market fog as United States Core PCE Price Index (MoM) (May) is scheduled for tomorrow at 12:30 UTC.
10 months ago the entertainment giant reached a significant high of $124.96 but has consequently lost 28.91% since then.
