DISNEY BEARISH AFTER RECENT NEWS
Disney is currently trading at $111.23 – lower by 0.71% from the last close. The stock has continuously been in negative territory for the last four weeks.
In recent news, Walt Disney World workers have reached a tentative agreement with the Walt Disney Co. regarding payment issues, union body International Brotherhood of Teamsters said on Friday. The union said the tentative deal will be voted on next week and a contract will be in effect until October 1, 2022, if approved. If ratified, Disney World workers will receive a minimum of $4.75 in wage increases over the lifetime of the contract. Employees will also receive retroactive pay back to September 24, 2017, and a bonus of $1,000.By 2021, all employees will be at a minimum starting rate of $15, the union said.
On the technical front, RSI is currently at 45.18% and suggests that the market can move in the downward direction. The %K has crossed the %D from above to the downside at 33.01 and suggests that the market may head downwards. The current price is below the MA5. Overall market sentiment seems to be negative.
TRADE SUGGESTION-LIMIT SELL AT 111.55 TAKE PROFIT AT 111.15 STOP LOSS AT 111.75