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March 11, 2023
A quick look at yesterday: the entertainment and content production company found support around the $93.57 level, after closing Thursday at $96.14 and dropping by 2.67% yesterday.
Highly important Unemployment Rate data from United States beat analyst expectations of 3.4 with a reading of 3.6.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – data from United States concerning Non Farm Payrolls was released yesterday at 13:30 UTC. Newly published figures emphasized continued decline from last month's figure of 504,000 to 311,000 this month.
While price action maintains a negative bias, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.
Trend-focused traders 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 momentum evaluation, the Relative Strength Index indicates Walt Disney is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. Price action remains constrained around the key Fibonacci level of $93.92 currently serving as support. If price action breaks below, the next Fib hurdle is $90.2. Analysis based on the asset volatility indicates that Bollinger Bands® shows an indication of recovery: the lower band is at $92.71, a low enough level to, generally, suggest that Walt Disney is trading below its fair value. Visual analysis of Walt Disney's chart shows that although Walt Disney is down today and was as low as $92.83, it seems to be recovering slightly and climbing away from the $92.3 support line and is now $1.27 above it.
Overall, the technical outlook suggests Walt Disney is likely to remain muted for the immediate future, with no clear-cut direction.
Walt Disney was not the only decliner in the consumer discretionary sector; Amazon went down 1.65%, closed at $92.25. Lowe's draws back 1.2% yesterday to close at $199.05. Starbucks lost 0.92% yesterday and closed at $99.38.
Trending downwards for around a month. The entertainment giant is up 14.22% from the significant low of $84.17 it hit 2 months ago.
