Yesterday at a glance: despite the risk-off mood, Walt Disney was range-bound between $101.09 to $102.56 and settled at $101.68.
Initial Jobless Claims data from United States will be released today at 13:30 UTC with analysts expecting a decline to 200,000. Potentially significant price fluctuations in Walt Disney are expected to follow.
While price action maintains a negative bias, United States API Weekly Crude Oil Stock released yesterday at 21:30 UTC with a figure of 9.89 million, while the previous figure was 10.51 million. United States 5-Year Note Auction came out at 4.109.
Despite being in the red so far in the current trading session, Walt Disney peaked above its 200 day Simple Moving Average around $102.1 — typically an early indicator of a new bullish trend beginning to emerge. Bollinger Bands® shows an indication of recovery: the lower band is at $101.63, a low enough level to, generally, suggest that Walt Disney is trading below its fair value. Walt Disney could begin to recover as it approaches significant support, now 69 cents away from $101. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Walt Disney is set to appreciate despite today's setback.
Walt Disney was not the only decliner in the consumer discretionary sector; Nike lost 0.99% yesterday and closed at $119.9.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Amazon was up 1.28%. Tesla was up 1.77%.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Crude Oil Inventories projected to come out at 2 million — worse than previous data of 16.28 million; data will be released today at 16:00 UTC. Projections for United States GDP are set for a continuation of decline with 2.9 while previous data was 3.2; data will be released today at 13:30 UTC.
Furthermore, United States Core PCE Price Index (MoM) (Jan) scheduled to come out tomorrow at 13:30 UTC.
Having set a significant low of $84.17 a month ago, the entertainment giant is trading 21.29% higher.