$WWE Has not been body slammed yet. Here’s Scott’s take! – September 22, 2022
WWE SPY
This is Scott with your Chart of the Day. While a lot of charts in this market look like they have been through a bad bare-knuckle fight, WWE, World Wrestling Entertainment ( NYSE: WWE ) is actually holding up okay. It’s survived the Survivor Series of this downtrend that the S&P 500 ( NYSEARCA: SPY ) is certainly in. And so I think this is definitely a stock that we want to keep our eye on for a potential move higher.
As you can see, it’s got support right now right around that 100-period exponential moving average, that’s the black line here on the chart. I can draw a pretty clear downward-sloping trendline from the high back here in August all the way down. And we can see what the stock has to do. It has got to get above that level and stay above. So I think it makes sense to have an alert on WWE ( NYSE: WWE ), maybe around that 68.80 level. You will want to see a strong move coming on volume.
Now, it has had a pretty clear pivot here because if I zoom out you can see that this stock has support around this area and it coincides with some previous support zones, right there. Support, support, support, support, support, so it’s make or break here for WWE ( NYSE: WWE ). Will they win their championship title and get to all-time highs? Contact your Pay-Per-View provider to find out. Or maybe just set an alert at around 68.80 and look for a break out on volume.
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