WWE: Rise After the Fall?

$WWE : World Wrestling Entertainment Inc.

In reviewing the daily chart for World Wrestling Entertainment Inc., it has established a solid base of support below $11 and has been in a trading range between $11 and $12 over the past month and a half, since the dramatic fall from all time highs above $30 a share.

The Relative Strength Index (RSI) has been creeping up from oversold levels over the past month, a sign of a possible bullish sentiment shift and impending push above the trading range the stock has been bound by. 

It remains to be seen whether WWE can gather enough support from bulls to break through the near-term resistance level at $12 and hold above it with conviction. Should it be able to do so, a gap fill from the sharp drop in early May could be in play.