67 5 2
Not a proper breakout yet, also volume is weak. Better to wait
+1 Reply
Also manny, if youre long nflx, get out. Its showing weakness. I want you to rebuy it if it breaks 118.80
YusufS YusufS
cut your losses quick. #1 rule of trading
i meant overbought in my comment at all times, not oversold^
From the start of the upward trendline drawn, we see a decrease in volume. When we see trends lose volume that it is known as volume/price divergence. So pretty much the stock is going up but its losing juice. Now, if we see some volume kick in and price to move up, then that presents us as a buy opportunity. But we most likely will see a pullback in price or some sort of consolidation form. Besides volume, we can see that the RSI the past twenty days has made CONSECUTIVE highs into oversold territory except for the 15th and the 16th where it failed to get above that line, that is a trend change and is a sell signal. However, if that were to be the case then we would expect the last run (starting on the 21st) to also fail to get into overbought conditions. BUT that is not what happened, the stock actually was overbought once again- showing true upward strength by the bulls. Now we want to see price get above 70.00 to buy WYNN on a technical breakout with a discounted price.
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