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- 1 Disney (LON: DIS) stock price: Bank of America has shown some bullish indications for the stock, know the levels below
- 2 The company has been performing on average as per the annual reports
- 3 The current price is about to break the support level, but the bulls can fight back for an uptrend
The Walt Disney Co (NYSE: DIS) is a multinational firm focusing significantly on family diversion and media. It deals with many organizations, including TV and radio creation, conveyance and broadcasting stations, direct-to-customer administrations, entertainment meccas, and lodgings.
During Wednesday’s meeting, Bank of America’s new value focus of $110 was announced. It is a great prediction, considering the shares previously traded for under $80. Interestingly, Disney, a major player in the industry, offers an estimated potential upside of 40%. It presents an exciting opportunity for investors to get their feet into the investing pool.
Tough times for DIS stock
Unfortunately, NYSE: DIS has had a tough year in 2023. The shares are trading below last year’s drop and are at the same level as the 2020 pandemic-induced selloff. The stock is down more than 19.2% in a year and more than 8% from this year’s start. Moreover, they are now back to trading at 2014 levels. It indicates that a major trend reversal is required to push the stock to the bullish side.
While the stock has been down for a long time, the company is average in the financial reports. It is neither posting a declining revenue nor a significant surge in numbers. However, considering the large market cap of over $147B and the size of the organization expanding into various countries, this slow growth is acceptable.
Technical Analysis and Prediction of DIS Stock Price
At present, the DIS stock price is falling in a downtrend. It can be seen in the graph how the stock is breaking continuous support levels. The immediate support is $81.6, while the immediate resistance is $91.3.
The 50-day moving average price is $83, and the 150-day moving average price is $89. The RSI is at the level of 44, near the neutral zone of 50, which indicates a sideways trend. The RSI surged up a little as the bulls fought to reject the bearish trend on the current support.
The road is long
Considering the current price action and the structure, DIS stock’s bearish trend can reverse only if its price breaks the significant resistance of $91.3. The catch is to sustain above that level for confirmation, as a rebound will not help break the downtrend.
Conclusion
The Walt Disney Co. (NYSE: DIS) stock has been experiencing a bearish trend since March 2021. However, during this period, the company has been posting not spectacular but average financial reports. Currently, the stock has been rated bullish by some major names in the finance space. The DIS stock price is in a downtrend and the prediction will also be bullish unless a major high breaks the immediate support level.
Technical Levels
Support: $81.6 and $76.7
Resistance: $91.3 and $9.71
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 or stocks comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
