- Walt Disney Company (NASDAQ: DIS) price prediction highlights the bearish sentiments
- DIS stock reported a loss of 12.91% in the last 3 months.
- DIS stock getting close to its 52 Week Low of $84.07
Walt Disney Company’s (NASDAQ: DIS) price prediction displays the image of a strong bearish trend since February 2023. The DIS stock started the year with a strong uptrend from its swing low of $84.45. The price surged 39% to the resistance level of $118. The DIS stock price started to show weakness which was followed by a series of bearish sessions that dragged the price down by 25% to its current market price.
At the time of writing, Walt Disney Company. closed its trading session on Monday, 10th July 2023 at $88.10. The market closed with a decline of 0.61% from the previous day.
Can Walt Disney Company get a Rebound from the Support?
Source: DIS 1D Chart by TradingView
The Walt Disney Company stock price prediction shows that the recent downfall was a contribution to overall bearish sentiments. The market has been struggling since last year due to falling prices. The DIS stock is trading below the 9, 15, and 200 EMAs. This is a sign of weakness where buyers are afraid to buy the dip.
The DIS stock is trading at support. The price may drop further to the next demand zone at $84.45. This is very important support. A bounce from here is important to save the stock from a long bear market. Meanwhile, the volume shows the absence of buyers. The last two consecutive candles closed as inverted hammers, which suggests that the sellers are showing aggression
The Market creates Lower Lows.
Source: DIS 4-Hour Chart by TradingView
The 4-chart reveals that the stock price creates a series of lower highs. This means that the bears are selling at pullbacks trapping the bulls who were thinking of a reversal. The market is driven by fear at present. The bulls tried pushing the DIS stock price in June 2023 but failed at the resistance of $94.69.
If the buyers tried pushing the price from here, they will face resistance at $91.51. The present market conditions represent a sideways consolidation in the short term. The DIS Stock price has lost momentum and the price moves in a small range. However, some investors are accumulating the stock at this price due to the high risk-to-reward probability.
RSI: The RSI indicator is currently at 40.52 on the 4-hour. The price is in bearish territory and the market is weak. The prices are expected to move down until RSI crosses 50.
MACD: MACD made a bearish crossover. The indicator is below the 0 line. This is a sell signal and the prices may continue to decline with momentum. The sellers are in control of the market.
200 EMA: On the 4-hour chart, the price is trading below the 200 EMA. This is a bearish sign and an indication of bearish dominance. The 200 EMA acts as a dynamic resistance and the prices may continue to slide down until the price breaks above the indicator
Conclusion
Walt Disney Company’s (NASDAQ: DIS) price prediction displays the image of a strong bearish trend since February 2023. The stock is under the control of the bears. The price action suggests that if the price fails to reverse, the market may witness aggressive selling due to panic. Meanwhile, some investors are risking a small chunk of their portfolio as the DIS stock is available for cheap. It would be wise to follow proper risk management to keep the losses in check.
Technical Levels
- The nearest support level: $87.60
- The nearest resistance level: $91.51
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
