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April 06, 2023
While Walt Disney is on a 10 day bullish trend, Today's session put the brakes on the ongoing uptrend — after dropping down to $98.55, the entertainment and content production company recovers some losses and is currently trading at $99.97.
Walt Disney's state is reflected by market data as United States Initial Jobless Claims released earlier showed a marked improvement to 228,000 from the preceding data of 246,000, but fell short of the 200,000 figure forecast by a consensus of market analysts. United States Crude Oil Inventories fell short of the -2.33 million projections, with new data of -3.74 million. United States ISM Non-Manufacturing PMI (Mar) came out at 51.2, while a consensus of analysts was expecting 54.5.
Technical chart analysis shows Walt Disney bounced after reaching the $98.91 support zone, climbing $1.06 above it. With regards to technical trend indicators, chart analysis show that Walt Disney made an initial breakout above its 5 day Simple Moving Average at $99.49, a potential indicator of a newly emerging bullish phase. Analysis based on the asset volatility indicates that Walt Disney's upper Bollinger Band® is at $101.66, suggesting that a downward move may follow.
Notwithstanding Walt Disney's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
Meanwhile, mixed performances were seen by other consumer discretionary stocks as Alibaba was up 4.25%. Toyota decreases 1.1% today to close at $140.42.
Data to be released Monday might clear up some of the market fog as tomorrow at 12:30 UTC data for United States Non Farm Payrolls will be released, with an expected decline to 239,000 from the preceding figure of 311,000. United States Unemployment Rate is expected tomorrow at 12:30 UTC.
3 months ago, the entertainment giant fell to a low of $84.17 but has since recovered 18.7%.
