Walt Disney Co (DIS)

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Disney Shows Bullish Strength Despite Neo-Nazi Protests From DeSantis Supporters: Bull, Bear Case
10:13 am ET June 13, 2023 (Benzinga) Print
Walt Disney Co (NYSE: DIS) was popping up about 0.8% in the premarket Tuesday following softer-than-expected consumer price index data, which gave investors hope the Federal Reserve will apply a pause when it issues its decision on interest rates Wednesday.

Despite having to battle Florida governor Ron DeSantis for over a year — and after his supporters protested Disney World’s Gay Days celebration over the weekend with neo-Nazi flags — the stock has been staging a rebound.

In the trading days following Disney’s May second-quarter earnings print on May 10, the stock fell 14% to reach a May 30 low of $87.01. Since then, Disney has rebounded about 7% and on Monday, the stock appeared to be breaking up from a bull flag pattern.

The bull flag pattern is created with a sharp rise higher forming the pole, which is then followed by a consolidation pattern that brings the stock lower between a channel with parallel lines or into a tightening triangle pattern.