After the market indexes body slammed its recent breakout, WWE stock looks to bounce off the ropes and wrestle a new buy point. Meanwhile, World Wrestling Entertainment has joined Meta Platforms, Wasserman, Invesco QQQ and others to announce the inaugural Next In Line summit to highlight upcoming star athletes.
WWE stock was featured in this column last month as it tried to push back against the market correction after clearing a 60.94 entry in a cup with handle.
FB stock has plunged well off the highs it reached last September, but is hoping its metaverse initiatives will help it establish a bottom and get its 50-day moving average trending upward again.
While WWE stock has also struggled and slipped below 50-day line, it's trying to close in a new buy point with its relative strength line nearing a new 52-week high.
WWE, Meta And Others To Launch Inaugural NIL Summit
Together with Meta, Invesco QQQ and sports, culture and entertainment branding company Wasserman, WWE will unveil its second class of leading Next In Line athletes and the first NIL summit on June 13. The class of 15 athletes will be unveiled at the College Football Hall of Fame in Atlanta.
WWE launched its official NIL (Name, Image & Likeness) program in December 2021 to establish a pathway from collegiate athletics to WWE. Hailing from four sports, the inaugural 15-person NIL class included athletes from 13 universities and seven NCAA conferences.
The program serves to recruit and develop potential future superstars. The NIL initiative aims to enhance WWE's talent development process through collaborative partnerships with college athletes from diverse athletic backgrounds.
WWE Stock Tangles With Key Moving Average
After rising at Monday's open to kick off the week, WWE stock encountered resistance, leaving it still below the 50-day line. Volume ended up below average for the day.
As we wait for the market to firmly establish a bottom and flash a follow-through day, WWE stock appears to be forming a new base. If a new uptrend begins, a potential new entry is 63.81 in a still early stage flat base.
Follow Matthew Galgani on Twitter at @IBD_MGalgani.
