Quarterly Outlook
Macro Outlook: The US rate cut cycle has begun
Peter Garnry
Chief Investment Strategist
Technical Analyst, Saxo Bank Group
The Walt Disney Company gapping lower after disappointing Earnings release. Disney is back below the Ichimoku cloud and RSI is at the time of writing back below 40 threshold i.e., confirming negative sentiment.
In fact RSI has failed several times over the past two months to close above 60, a clear sign of weakness. Disney’s seems set to test support at around 91.30.
However, medium-term Disney share price seems set for even lower levels. It was rejected at the Ichimoku cloud and the 55 weekly Moving Average.
Weekly RSI is negative confirming the bearish trend If closing below 91.30 there is further down side potential to around 84.50.
To demolish and reverse this bearish picture a close above 103.91 is needed.
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