Traders and investors are hopeful the change in management could provide the company new opportunities, with advancements into Web3, improved relations with theme park goers and that Iger may be able to hit the reset button with Florida Governor Ron DeSantis.
The news was well received, at least initially, causing Disney to confirm a new uptrend pattern was in the works. An uptrend occurs when a stock consistently makes a series of higher highs and higher lows on the chart.
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The higher highs indicate the bulls are in control while the intermittent higher lows indicate consolidation periods.
The Disney Chart: Disney’s most recent higher low within the uptrend was printed on Thursday at $90.85 and the first higher high was created at the high-of-day on Monday. The stock opened the session on top of the 50-day simple moving average and popped up to hit resistance at $100.90 before rejecting and starting to decline intraday.
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