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Possible Bearish Inside Day Candle Pattern Detected for World Wrestlin-A (NYSE:WWE)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in World Wrestlin-A (NYSE:WWE) based on the price action in the company's shares. Today's price range of $63.00 and $63.89 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of World Wrestlin-A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

World Wrestling Entertainment, Inc. is an integrated media and entertainment company with offices in the United States, Canada, and the United Kingdom. The Company conducts operations in live wrestling events, original television programming, music, publishing, advertising, licensing, and home video. World Wrestling distributes its programs to countries worldwide in various languages.

World Wrestlin-A (NYSE:WWE) is currently priced 31.5% above its average consensus analyst price target of $43.62. The stock should discover initial support at its 50-day moving average (MA) of $48.79 and subsequent support at its 200-day MA of $34.70.

World Wrestlin-A share prices have moved between a 52-week high of $64.89 and a 52-week low of $20.09 and are now trading 217% above that low price at $63.69 per share. Over the past week, the 200-day moving average (MA) has gone up 1.8% while the 50-day MA has advanced 3.3%.

SmarTrend recommended that subscribers consider buying shares of World Wrestlin-A on April 13th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $38.87. Since that recommendation, shares of World Wrestlin-A have risen 64.5%. We continue to monitor WWE for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle world wrestlin-a

Ticker(s): WWE