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- 1 Walt Disney stock price closed at $91.35 while witnessing a decrease of -2.57% during the previous intraday session.
- 2 Dis stock price traded below 20,50,100 and 200-day EMAs.
- 3 The Year To Date return of Walt Disney is 2.66% while three month return is -13.02%.
DIS stock began its 2023 journey with a bullish rally pushing price upwards from the low of $84.07. The uptrend gave investors a return of approximately 40% in the span of less than 2 months. Bears did not find the price justifiable and entered the market to push price down.
The move was corrected and price fell 23.04% to form a support at $91.60. DIS price then again tried to gain bullish momentum for retesting the annual highs but the move was disrupted by the sellers present at $103 price level. Seems like the bears do not want the price to rise above $100 level.
Walt Disney stock price has formed a support at $91 level and received a short term pullback to $94 level which triggered a drop. The stock price is currently headed toward the recent support of $91 in the hopes to shatter it and finally reach the level from where the bullish rally started.
Walt Disney Quarter 2 Report Released
Walt Disney reported a revenue of $21.07 Billion and net income of $1.27 Billion less than the first quarter. Consensus estimated the EPS to be $0.933 while the company reported 0.93, a surprise of 0.34%.
The profit margin has increased from 0.85% to 5.86% since the last quarter of 2022. The user base disney+ subscribers have gone down from 161.8 Million to 157.8 Million since the last Quarter. Walt Disney also stated about offering a one-app experience domestically that incorporates Hulu content via Disney+. One-app would roll out at the end of the year.
The one issue hanging over Walt disney is its dispute with Florida Governor Ron DeSantis. Disney has recently sued the Governor of Florida and stated that Dr DeSantis steps to assert control over its operation threatened its business and violated its constitutional rights.
Disney has also abandoned plans for the Florida Business Campus amidst the dispute.
Will DIS Price Decline to Annual Lows?
Dis stock price traded below 20,50,100 and 200-day EMAs indicating a strong influence of bears. The chaikin money flow score is -0.17 indicating weakness in the market. Price needs to rise above $103 for retesting the annual highs and shifting the trend from bearish to bullish. RSI has crossed below the 40 mark and trades at 38.38. Dis stock price arrived at the lower band of bollinger and buyers jumped in the market and received rejection from $94 level. Dis price is again headed toward the lower band.
Conclusion
The market structure and price action for Walt Disney is bearish and there is a possibility the price might fall to yearly lows.
Technical levels
Major Support: $91 and $84.07 ‘
Major resistance: $96.53 and $103
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
