The entertainment giant Walt Disney (NYSE: DIS) stock hits a fresh 52-week low of $106.48 on Monday. Disney shares have fallen almost 30% since the beginning of the year. The stock dropped another 3% on Monday ahead of the earnings report.
Walt Disney is scheduled to report second-quarter financial results after the U.S. markets close on Wednesday, May 11. The company is expected to post quarterly earnings of $1.19 per share and revenues are expected to be $20 billion. The investors should also closely monitor the Disney+ net paid subscriber additions because recently streaming pioneer Netflix's first-quarter earnings report showed slowing subscriber growth.
$DIS weekly technical outlook
Technically the overall momentum remains bearish. While considering the strong bearish sentiment if the company reports better-than-expected last quarter earnings results on Wednesday there are chances the stock picks up upside momentum. In the short-term, the first resistance is located around $112, a break above this level will confirm a possible move to $117/120. On the downside, If the recent selling pressure continues the next strong support level to watch $100.
Trading is risky and your entire investment may be at risk. Please ensure that you fully understand the risks involved.