Disney Downtrend Continues the stock has been in a downtrend since its all-time high in March 2021. However, there are some signs that the downtrend may be nearing its end. The stock does have a double bottom around 79-80 level which has a ton of support. But there is no guarantee that the double bottom pattern will be successful. Know your plan before you make a trade. The stock could still break below the support level and continue to decline. You can also wait for the stock to break parallel channel. However, the pattern is a positive sign and it is worth watching Disney stock closely in the coming weeks.
Here are some of the factors that could help Disney stock break out of its downtrend:
Continued growth in the streaming business. Disney+ is the second-largest streaming service in the world, and it is growing rapidly. If the company can continue to grow its streaming business, it will help to offset some of the losses in its other businesses.
Disney stock (NYSE: DIS) is a value stock that is a member of the Consumer Discretionary sector and the Movies/Entertainment industry. The company has a market capitalization of $156.47 billion and a price-to-earnings ratio of 38.40. Disney stock is currently trading at $85.73 per share.
Disney is a global entertainment company that operates theme parks, resorts, movie studios, broadcast TV networks, and a cruise line. The company's primary rivals include media and entertainment companies like Paramount Global (PARA), Comcast Corp. (CMCSA), and Netflix Inc. (NFLX).