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- 1 Walt Disney Co, DIS stock price has been consolidating at the lower level after slipping below the $94.75 mark.
- 2 DIS shares are trying to remain above 20-EMA and reach the 50, 100 and 200-days daily moving averages.
- 3 NYSE: DIS shares must surge out of $90.45 primary resistance level to initiate its recovery phase.
Disney stock has been moving sideways after slipping significantly. Analysts believe that DIS stock price may again reach the $100 mark. Analysts speculate that if DIS shares break out of the primary resistance level of $90.45, then it may reach the $100 mark. However, some internal or external factors may affect the price action of DIS share price which may lead the price of DIS stock to consolidate for a while in between its recovery phase.
Moreover, investors in Walt Disney Co (NYSE: DIS) need to wait until the DIS stock price reaches the primary resistance level. DIS shares declined through an interesting descending parallel channel till January 2023 and finally managed to register its breakout in January 2023. After that, DIS share price reached the $118.17 recovery level and got rejected, which resulted in the fall of DIS shares following some consolidation.
DIS stock price was at $89.03 and gained 0.16% of its market capitalization during Tuesday’s trading session. Trading volume was below average and needs to grow during Wednesday’s trading session. This demonstrates that sellers tried to sell DIS shares during Tuesday’s trading session. Buyers need to accumulate in Wednesday’s trading session so that the price of Disney stock surges.
Technical Indicators are Positive For DIS Stock Price
DIS stock price has been consolidating inside a horizontal range-bound area over the daily time frame chart. However, at first, DIS shares got caged inside the horizontal price range of $87.40 and $94.70. Then, it slipped below the lower level and consolidated for a while.
Nevertheless, now it looks like DIS share price is reverting back from the lower trendline of the consolidation phase. Meanwhile, DIS shares are trying to remain above the 20-EMA and reach the 50, 100 and 200-days daily moving averages.
Moreover, DIS share price gained 3.85% in a week while it lost 0.17% in a month. Also, DIS shares slipped around 11.90% in the last three months and 19.55% in the last six months. However, DIS share price surged 0.06% year to date.
Technical indicators suggest the upside trend of DIS stock price. Relative strength index and moving average convergence divergence both highlight the recovery of DIS shares.
RSI was at 53 and is heading towards the overbought territory. The MACD is above the signal line after a positive crossover.
Investors in Walt Disney Co. (NYSE: DIS) stock need to wait until the DIS stock price approaches the primary resistance level to initiate its recovery phase.
Summary
After falling sharply, Disney stock has been trading sideways, and experts anticipate it might re-enter the $100 range. DIS shares fell in an intriguing downward parallel channel until January 2023, after which they registered a breakthrough. Furthermore, the DIS share price increased by 3.85% in a week but decreased by 0.17% in a month. Technical indicators point to an upward trend in the DIS share price.
Technical Levels
- Support Levels: $88.15 and $87.15
- Resistance Levels: $90.85 and $94.75
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock 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.
