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The Disney stock price gained 6.91% on the last trading day (Thursday, 9th Nov 2023), rising from $84.50 to $90.34. During the last trading day the stock fluctuated 4.11% from a day low at $87.61 to a day high of $91.21. The price has risen in 6 of the last 10 days and is up by 13.24% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 25 million more shares were traded than the day before. In total, 46 million shares were bought and sold for approximately $4.17 billion.
On Nov 09, 2023, it was reported that Morgan Stanley gave DIS a "Overweight" grade with a "hold" action.
The stockhas broken the falling short-term trend up. Firstly a slower falling rate is indicated, but this may very well be an early signal of a trend shift. On the reaction, there will be support on the roof of the current trend broken, which is $85.45, a level that may pose a second chance to hit a runner. According to fan-theory $92.73 will be the next possible trend-top level and thereby pose a resistance level that may not be broken at the first attempt.
The Disney stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $84.70 and $82.68. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, October 27, 2023, and so far it has risen 13.88%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
On the downside, the stock finds support just below today's level from accumulated volume at $83.68 and $82.47.There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Disney finds support just below today's level at $83.68. If this is broken, then the next support from accumulated volume will be at $82.47 and $81.64.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $3.60 (4.11%) between high and low. For the last week, the stock has had daily average volatility of 2.17%.
Disney holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development.
Check full Disney forecast and analysis here.