Disney stock price fell more than -8.73% Thursday closing at $92.31

The Disney stock price fell by -8.73% on the last day (Thursday, 11th May 2023) from $101.14 to $92.31. It has now fallen 3 days in a row. During the last trading day the stock fluctuated 3.47% from a day low at $91.88 to a day high of $95.07. The price has fallen in 6 of the last 10 days and is down by -7.63% for this period. Volume has increased on the last day by 41 million shares but on falling prices. This may be an early warning and the risk will be increased slightly over the next couple of days. In total, 57 million shares were bought and sold for approximately $5.26 billion.

Macquarie is very positive about DIS and gave it a "" rating on Jan 04, 2023. The price target was set to 110.

The stock is at the lower part of a wide and horizontal trend in the short term, and normally this may pose a good buying opportunity, though a breakdown through the bottom trend line at $91.16 will give a strong sell signal and a trend shift may be expected.Given the current horizontal trend, you can expect Disney stock with a 90% probability to be traded between $89.35 and $100.82 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.

There are few to no technical positive signals at the moment. The Disney stock holds sell signals from both short and long-term moving averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $99.63 and $99.12. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Monday, May 08, 2023, and so far it has fallen -10.35%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume rose on falling prices yesterday. This may be an early warning and the stock should be followed more closely.

There is no support from accumulated volume below today's level and given the right condition the stock may perform very badly in the next couple of days.

In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $3.19 between high and low, or 3.47%. For the last week the stock has had daily average volatility of 2.51%.

Disney holds several negative signals and is within a wide and falling trend, so we believe it will still perform weakly in the next couple of days or weeks. We therefore hold a negative evaluation of this stock.