Shares of Wingstop (WING) are down sharply Wednesday morning in reaction to disappointing earnings numbers.
Let's check out the charts to see what's going on with the stock.
In this updated daily bar chart of WING, below, we can see a sudden and swift turn to the downside. The shares gapped lower on the opening and have continued to slide. WING is trading below the rising 50-day moving average line and testing the rising 200-day moving average line. Expected support around $150 is broken.
The On-Balance-Volume (OBV) line shows the start of a turn lower and the Moving Average Convergence Divergence (MACD) oscillator has crossed to the downside for a new take profit sell signal.