Expected to report an EPS of $0.71 on revenue of $21.37bn

Taking a look at Walt Disney’s stock as the media and entertainment conglomerate is due to report its earnings tomorrow. Currently, its shares are trading at around $84.07 a share. We can see that the long-term bearish trend persists as the price has actually fallen below the key support of $84.07, reaching a low of $78.73 for the year. The price has actually recovered since then, but resistance is proving to be overpowering. Resistance sits at $85.92 and then at $86.32. A break and close above $86.32 could then spur a rally towards the trendline resistance, which currently reads $90.96. However, this would require a significant momentum boost from the earnings and its future outlook. It is important to note that Walt Disney has just hired PepsiCo finance chief Hugh Johnston as the new CFO. The key support remains at $84.07, a close below it would not necessarily suggest more downside is likely as the price may continue in volatile conditions until the earnings data is reported. Although, post-earnings, if the price closes below $84.07 then the next support level for the bulls would be $79.22 followed by $78.73. The technical indicators are on the positive side of the spectrum as the MACD is slightly positive and the RSI is on the verge of being positive as it reads 54.

Disney is expected to report an EPS of $0.71 on revenue of $21.37bn.

Note: This outlook is based on looking at the daily timeframe. 

(Close up - chart & data from IG)