Disney Rejected 38.2% Fibo but Upside Intact

8 เม.ย.

Stratos Markets Limited (fxcm.com/uk):

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 66% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Stratos Europe Ltd (trading as “FXCM” or “FXCM EU”), previously FXCM EU Ltd (fxcm.com/eu):

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Stratos Trading Pty. Limited (fxcm.com/au):

Trading FX/CFDs carries significant risks. FXCM AU (AFSL 309763). Please read the Financial Services Guide, Product Disclosure Statement, Target Market Determination and Terms of Business at fxcm.com/au

Stratos Global LLC (fxcm.com/markets):

Losses can exceed deposits.

Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this video are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, FXCM takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the FXCM's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed via FXCM`s website:

Stratos Markets Limited clients please see: fxcm.com/uk/market-commentary/
Stratos Europe Ltd clients please see: fxcm.com/eu/market-commentary/
Stratos Trading Pty. Limited clients please see: fxcm.com/au/market-commentary/
Stratos Global LLC clients please see: fxcm.com/markets/market-commentary/

Past Performance is not an indicator of future results.

8 เม.ย.

บันทึก

Technicals
DIS rejected the pivotal 38.2% Fibonacci (of the slump from the 2021 record highs to the 2023 multi-year low. This creates risk for renewed pressure towards the Daily Ichimoku Cloud, but daily closed below the EMA200 (at around 98.80) would be needed for the upside bias to stop and that has high degree of difficulty at this stage.
However immediate bias is on the upside following the impressive 35% relief rally of Q1. The Death Cross formation (EMA50>EMA200) also add to the upside potential. The stock has the ability to take another crack at the 38.2% Fibonacci that could open the door to further gain towards the 50%.

Context
The entertainment giant had a rough couple of years as its linear networks took a hit from soft advertising and cord cutting, box office success was elusive and the streaming business lost subscribers, handing the first spot back to Netflix. This led to a poor stock performance with nine years lows last October and led to proxy fight by activist investors.
Disney won that fight last week as shareholders reelected the full board. With this challenge behind it, it can focus on the turnaround efforts, which are already working. The last quarterly results impressed with the streaming segment adding subscribers and its financials improving, looking to turn profitable before the end of the year. It is also going all-in on digital sports, an increasingly important market.
On the other hand, Disney still has to navigate a challenging environment and generational transformations in the media industry, while having to get Mr iger's succession right, which it botched the last time.