World Wrestling Entertainment stock (NYSE:WWE) gapped massively upwards in June 2021, but began to come down afterwards. A continuation of this downward movement can signal a clear bearish signal.
4 EMAs are used for this analysis and they are EMAs 10, 20, 50, and 200.
The color that stands for each EMA is shown at the tip left part of the chart.
Price has already breached the EMA 10, 20, 50 to the downside, and it is now
going towards the EMA 200.
Bulls have been forced to stay aside because of the recent price action,
and a long signal would be in place once price crosses the EMA 50 to the
upside. Otherwise, going long would not make sense here.
Should the EMA 200 get breached to the downside, the major trend would
turn bearish (Death Cross). This year, WWE could reach the demand levels at 50.00,
45.00 and 40.00.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Teach Yourself Technical Analysis: Teach Technical analysis
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