Asset Watch
Tuesday, February 13, 2024
When the company reported fourth-quarter earnings after-hours in November, the stock popped the following day. A red candle hit the day after, and support materialised near the 5-day moving average. Walt Disney then went on to rally by 11% off the pullback low.
With a similar pattern now present, a second act could be unfolding. After a sharp rally on Feb. 8, the stock closed lower on Feb. 9. Yet, the 5-day MA should keep rising in the days ahead, and if Walt Disney continues its correction or consolidates, the key level may act as support and spur further upside.
So, are two good quarters enough to turn sceptics into believers, or has Walt Disney run too far, too fast?