Though in the midst of a 12 day uptrend, gaining a total of 18.09%, ($15.64), Friday's session suggests run might be coming to an end — the entertainment giant has recovered almost all of its session losses after dipping down to $98 Friday.
Visual analysis of Walt Disney's chart shows that Walt Disney could begin to recover as it approaches significant support, now 99 cents away from $98.41. Dipping below could be an indication that further losses are ahead. Trend analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to asset volatility analysis, Walt Disney's upper Bollinger Band® is at $100.9 which indicates a further downward move may follow.
Notwithstanding Walt Disney's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Amazon gained 3%, as it traded at $98.12. Alibaba was up 3.41%.
The entertainment and content production company is now trading 18.58% above the significant low ($84.17) it slumped to 19 days ago.