It’s been a rough couple of years for Disney and its stock price.
A mix of political headlines and lackluster earnings hit the company hard last year.
And just as investors became confident that the stock had bottomed at the end of last year, 2023 has brought a “troubled” rally. Moreover, that rally has lost its up-trend line and broken down.
Is Disney’s stock firmly in bearish hands? Not yet, but concerns continue to mount…
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$DIS Disney “weekly” Stock Chart
On the longer-term chart, we can see that Disney stock (DIS) has lost its uptrend line and appears poised to retest its 2022 low.
$DIS Disney “daily” Stock Chart
Here we can see the enormous bearish reversal candle from February. That lead to a steep decline before bouncing. But the bounce has seen another reversal… this time in the form of a gap down (breaking below the 20/50/200 day moving averages.
No doubt, this is bearish price action. Bulls only hope is to defend the 2022 low and push for the start of a bullish wave 3.
Twitter: @andrewnyquist
The author may have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author, and do not in any way represent the views or opinions of any other person or entity.
