Yesterday at a glance: bullish sentiment helped the entertainment giant to hammer out a noteworthy $97.72 to $99.72 range yesterday, and finally closing at $99.57 to end the session.
At the same time, United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States CFTC Crude Oil speculative net positions released yesterday at 20:30 UTC with a figure of 244,600, while the previous figure was 235,600. United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 189,900, while the previous figure was 192,700.
Walt Disney made an initial breakout above its 50 day Simple Moving Average at $99.68, a potential indicator of a newly emerging bullish phase. Having stamped out a session range of $97.72 to $99.72, Fibonacci-inclined Walt Disney traders were highly concentrated around active Fibonacci resistance at $98.54. On the other hand, note that Walt Disney is 72 cents away from testing key resistance at $100.29. Peaking above this level could inspire market bulls and open the path to further gains.
Overall, looking at the technical analysis landscape, it seems Walt Disney might continue pointing upwards in the short term.
A look at other consumer discretionary stocks also showed bullish price action as Amazon added 3.03% to its value, and traded at $106.96. Booking Holdings was up 1%.
Walt Disney went up yesterday, yet these consumer discretionary stocks did not follow — Alibaba went down to $89.13, losing 1.77% after it closed at $90.74 yesterday.
The stock has been trending positively for about a month. The entertainment and content production company is now trading 16.51% above the significant low ($84.17) it slumped to 3 months ago.