Traders were disappointed by weak quarterly numbers from Warner Bros. Discovery (WBD) Thursday morning but prices have recovered as the session plays out. Let's check out the charts and indicators of this media and entertainment company.
In this daily bar chart of WBD, below, I can see that prices have moved sideways in a tighter and tighter trading range. This is like winding up a watch and we are just waiting for the energy to be released with prices springing higher. Trading volume shows some pickup in the past three months.
The On-Balance-Volume (OBV) line has been weak since early February. The Moving Average Convergence Divergence (MACD) oscillator is just slightly above the zero line.
In this weekly Japanese candlestick chart of WBD, below, I can see that prices have turned sideways after a big decline. Prices are trading around the 40-week moving average line. The weekly OBV line has been weak. The MACD oscillator is slightly below the zero line.
In this daily Point and Figure chart of WDB, below, I can see that prices came very close to reaching a downside price objective around $12.
In this second Point and Figure chart of WDB, below, I can see that the software is suggesting a potential upside price target in the $21 area.
Bottom line strategy: If WBD can rally above $13.32 on increased trading volume it might start a move to the upside. Patience.
