Walt Disney Co (NYSE:DIS) was trading down more than 4% on Tuesday after a bullish day in the general markets, where the S&P 500 shot up 1.66% higher, causing the entertainment giant to close the trading day up over 3%.
Disney’s been trading in a fairly consistent long-term downtrend, which has brought the stock down more than 50% from its all-time high of $203.02 printed on March 8, 2021, to a low of $99.47 on May 12. On May 23 and Tuesday, Disney bounced up off the $100 mark, which may have created a bullish double bottom pattern on the daily chart.
