2023 has been a challenging year for the American media giant The Walt Disney Company (NYSE: DIS). The company is valued at $154.80 billion market capitalization, and its Q4 earnings will be reported today after the U.S. stock market closes.
Interestingly, DIS stocks are trading in a very important zone amid the expectations for Disney’s quarterly results. As reported by TrendSpider on X on November 8, DIS is testing strong historical uptrend support.
The uptrend support dates from 1974 and has been previously tested in both 1984 and 2009 before 2023. Essentially, these stocks‘ ability to hold the trend will mostly depend on The Walt Disney Co. earnings report.
A break of this trend line could drive DIS stocks to a 50-year trend reversal that would be devastating for its long-term performance. Nevertheless, neutral or slightly positive results could be enough to hold the historical trend, even for a shy continuation.
Disney stocks price analysis
In a more bullish bias, if results come above the stock market’s expectations, the support line could act as a bouncing point for a yearly recovery to DIS.
Notably, Disney stocks are trading at $85.59 per share by press time. This price marks a bearish year-to-date (YTD) performance, within a downtrend since its peak price on February 9 at $118.04 per share.
In this context, the stock market is closely watching The Walt Disney Company on November 8. As for the forecasted results, analysts’ consensus is at $0.7133 Earnings Per Share (EPS) for a $21.37 billion revenue.
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Source: https://finbold.com/disney-stocks-are-at-a-historical-uptrend-support-will-it-hold/