- Warner Bros stock price reclaimed 50 day EMA and approaching to break the 200 day EMA
- Warner Bros stock price is up by 32% on the monthly basis and formed a bullish engulfing candle
- The MACD had generated a positive crossover and RSI above 60
The Warner Bros Discovery stock price is trading with mild bearish cues and showing signs of short term trend reversal but the confirmation is still awaited. However, till the prices are above 50 day EMA, short term retracement will provide a buying opportunity for the traders. Currently, NASDAQ : WBD stock price is trading at $12.59 with the intraday loss of 4.84%.
Will WBD stock be able to bounce back in 2023 ?
On a daily time frame, WBD stock prices are in downtrend and bears are trying to continue its dominance on the higher levels. From the past couple of months, bulls have tried multiple times to break out of the 50 day EMA but prices faced resistance and dragged down while forming lower lows swings. Recently, WBD stock prices have found stability at $9.00 and reversed upward which had created a hope of long term investors.
Warner Bros stock price had shown surprising recovery to its investors and prices shot up 32% approx on the monthly basis indicating some gunniue buyers had taken long positions and expecting the price to continue the upwards momentum. However, the $13.70 will act as an immediate hurdle in the coming weeks followed by the next hurdle at the $15.10 level.
WBD company has done many positive developments in the past few months but the prices have not reflected the same. However, The technicals are turning bullish and showing signs of reversal but the confirmation is still awaited. On the lower side $10.00 and 9.00 will act as short term demand zones and any minor retracement towards 50 day EMA will provide a buying opportunity for long term investors. The MACD had generated a positive crossover indicating the strength of bulls whereas the RSI is reversing down from the overbought levels.
Summary
After analyzing the past performance of WBD stock price it is visible that bears are dominating on the higher levels and it will be difficult for bulls to break out of the $15 hurdle level. According to technical analysis, prices are expected to trade in the range between $10.00 to $15.00 for the coming months. Therefore, aggressive traders may look for mean reversal opportunities by keeping the boundaries of support and resistance zones as SL.
Technical levels
Resistance levels : $13.70 and $15.09
Support levels : $10.00 and $9.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/01/19/warner-bros-discovery-inc-wbd-price-prediction-wbd-stock-price-surged-32-and-takes-sharp-u-turn/