Reportis, a Walt Disney Company, is under pressure on Thursday, down slightly on the day, but earlier in the session was changing hands just below $100, and it dropped 5.5 percent at the session low.
After the company''s announcement on Wednesday, the move comes following reports of disappointing quarterly results.
Given that many Disney stocks were in a difficult earnings season, it was a difficult earnings season.
Shares are down 50% from the all-time high, and investors do not appear to be rushing to buy it. The headline figures of the recent quarter aren''t helping matters, as Disney was unable to provide information on earnings and revenue expectations.
It makes one wonder if Disney has lost its charm.
There are however, positives. For example, it added 7.2 million subscribers to its streaming platforms, bringing its total to 137.7 million customers, which is well ahead of forecasting two million additionals.
Given the disappointing resultsNetflix (NFLX) - Get Netflix, Inc. Reportrecently reported.
Second, park and Experiences revenue surpassed expectations, with $6.65 billion vs. $6.3 billion. It''s clear that consumers are returning again and are willing to spend something other executives have also confirmed.
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Is it worthwhile to look into Disney stock now that is reduced in half from the high?
Trading Disney Stock
Disney stock has a weekly breakdown.
TrendSpider.com has provided a chart.
Shares plummeted on the open and undercut the key $100 level. This is an important psychological level, and especially because the stock was down 50% from the high.
We are bouncing in the moment as purchasers enter Disney stock, perhaps based on some of the above excellent news.
In any case, were now looking for a possible gain. Keep an eye on that if shares finish down this week, it will make it the eighth weekly decline and the 11th decline in the last 12 weeks.
If we get a bounce going, I just need $105.60 reclaimed, which is the actual 78.6% retracement of the current range. This week high is in play at $110.74.
If we can clear this level that is a three-day high as well, then we might be looking at a greater impact. Id have my attention up at the $120 area and the declining 10-week moving average.
Today''s low at $99.47 will be crucial. If we break that threshold and cannot reclaim it, then Disney stock might very well continue to fall. This is the case with the $80 area, which is the Covid lows of March 2020, and where the 200-week moving average is in play.