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The Walt Disney Co., Technical Analysis

12/9/2022 10:04 AM

Shares of The Walt Disney Co., one of the leaders in the global entertainment industry, are moving in a corrective trend around 92.00.

On the daily chart, the price is within the local downward corridor with dynamic boundaries 100.00–75.00, and after reaching the resistance line at 100.00, it is preparing for a downward reversal.

On the four-hour chart, the quotes have formed the necessary confirmation for a reversal, and the main obstacle now is the initial Fibonacci extension 61.8% trend at 86.40, which coincides with the annual low. The consolidation below will allow the asset to decline to the underlying trend of 100.0% on the Fibonacci extension, around 73.00.

Technical indicators gave a renewed sell signal: fast EMAs on the Alligator indicator fell below the signal line, and the histogram of the AO oscillator is decreasing in the sell zone.

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