During the last trading session, Walt Disney shares sharply decreased by 5,5%. The trigger was the publication of a quarterly report from the main competitor in the streaming sphere — Netflix, whose shares have decreased by 35%.
For the first time in 10 years, the number of paid subscribers of Netflix has decreased by 200 thousand persons. Moreover, the management forecasts a decrease of another 2 million subscribers during the next quarter.
The problems of the market leader quickly have led to the sale of shares of all its main competitors. And while in the middle of May, Walt Disney won’t release its own reporting, its shares can be under pressure from negative expectations.
Yesterday the share has fallen to the minimum since autumn 2020. In case the hammer and the oversold by RSI won’t make “bears” slow down, the support may be found at the level of 117.2. Therefore, an attempt to turn up the upwards suggests a breakdown of level 128.
This content is for informational purposes only and is not intended to be investing advice.
