WBD Short 2/28 - 3/10Seeking Short position on WBD below $16 towards 15.6-15.75.
Put Option at price $16.03; considering selling at below 15.8?
J5A trade ideas
WBD hit some resistance and is ready for a breakout.Look at this chart of WBD on the Daily TF.
On the right side of the chart you will see a purple box which marks a pivot point.
Off of that pivot point, there is a Yellow resistance line, where price action was chopping along for some time.
The price action then started creating lower highs and lower lows creating a downward sloping megaphone pattern.
When you see this type of a pattern on towards the lows of the charts this becomes a bullish indicator.
Where you see the yellow line meet with the top of the megaphone pattern is a circle where you can expect resistance.
The resistance is due to the pivot point as well as the top of the megaphone.
If WBD were to hit the target within a couple of days then it would still be valid for a couple day pull back.
Now, if price action chops along the top of the blue line for 6 to 7 days the we can expect a breakout with a potential upside to the $17.00 range.
What do you think will happen?
Let me know in the comments.
Cheers,
WBD | I'm Ready For A Bounce | LONGWarner Bros. Discovery, Inc., a media company, provides content across various distribution platforms in approximately 50 languages worldwide. It also produces, develops, and distributes feature films, television, gaming, and other content in various physical and digital formats through basic networks, direct-to-consumer or theatrical, TV content, and games licensing. The company owns and operates various television networks under the Discovery Channel, HGTV, Food Network, TLC, Animal Planet, Investigation Discovery, Travel Channel, Science, MotorTrend, Discovery en Espanol, Discovery Familia, Eurosport, TVN, Discovery Kids, Discovery Family, American Heroes Channel, Destination America, Discovery Life, Magnolia Network, Cooking Channel, ID, the Oprah Winfrey Network, Eurosport, DMAX, and Discovery Home & Health brands, as well as other regional television networks. Its content spans genres, including survival, natural history, exploration, sports, general entertainment, home, food, travel, heroes, adventure, crime and investigation, health, and kids. The company also operates production studios that develop and produce content; and digital products and Websites. It provides content through various distribution platforms comprising pay-television, free-to-air and broadcast television, authenticated GO applications, digital distribution arrangements, content licensing agreements, and direct-to-consumer subscriptions, as well as various platforms that include brand-aligned Websites, online streaming, mobile devices, video on demand, and broadband channels. Warner Bros. Discovery, Inc.is headquartered in New York, New York.
WBD: Burry liked this at $25 so...WBD trading in the golden pocket between $13.46 and $14.68 as well as the .618 trend based fib at $14.28. Bearish momentum is decreasing on the Weekly TF as well as an imminent bullish cross on the MACD. Earnings coming up. Should price continue to make new yearly lows, $9 is next. Undervalued here imo.
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