A quick look at today: bullish sentiment helped the entertainment giant to hammer out a noteworthy $102.03 to $104.72 range today, and finally closing at $104.36 to end the session.
United States's Consumer Confidence new data released of 102.5 below its previous figure.
Nevertheless, United States Consumer Confidence published today at 14:00 UTC came out at 102.5, falling short of the 106.5 projections and continuing its decline from the previous 107.8 figure.
Meanwhile, United States API Weekly Crude Oil Stock came out at 4.52 million, while a consensus of analysts was expecting 200,000. United States 2-Year Note Auction released today at 17:00 UTC with a figure of 4.46, while the previous figure was 4.29.
Investors are seeking long positions as Walt Disney price action surged above +100 — a key CCI threshold indicating an imminent bullish trend. Walt Disney formed a session range of $102.03 to $104.72 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $103.7. Walt Disney has crossed the upper Bollinger Band® at $104.12, a potential sign that further gains are to follow. In contrast, Walt Disney could be slowing down soon as it approaches resistance at $103.23. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems Walt Disney might continue pointing upwards in the short term.
This rally in Walt Disney's share price coincided with other consumer discretionary stocks as Nike traded at $91.72 after closing today's trading day at $88 (up 4.22%). Tesla traded at $222.41 after closing today's trading day at $211.25 (up 5.29%). Lowe's traded at $193.85 after closing today's trading day at $187.61 (up 3.33%).
Today's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with 200,000. It previously stood at -1.73 million; data will be released tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States New Home Sales (Sep) will be released tomorrow at 14:00 UTC.
The entertainment giant is now trading 42.49% below the significant high of $176.87 it set around 11 months ago.