Very good earnings pushed price higher and now is trading very near to upper border
Symmetrical triangle are neutral formation and breakout can happen up or down, the only sure thing is that price will move with strenght
NASDAQ:WYNN Looks like it may be breaking out over the horizontal area of resistance. The 40 Week MA is just above and would be nice if it can break above that too. It is above all shorter term Moving Averages including the 50 Day MA in red.
Wynn is rated as an outperform or buy by many brokerage houses with price target well over $100 per share.
I have started...
WYNN has been trading within a falling wedge for quite some time. It is now trading near where it started the year. Oftentimes, this setup portends a reversal. MACD and RSI divergences support this.
Broken support line, channel, 3 attempts to recover resulting in 3 inverted hammers rejections on support turned to resistance it seems, PT $94 $92 $85 respectively unless it recovers the channel. Risk reward favors a trade short risking daily lose above 102
Long-term WYNN looking vulnerable. Chart kind of speaks for itself. Still a few days left in the month, but this looks like resumption of a downtrend to me. Invalidated above $118.
Since the market seems to be in a 'confirmed' uptrend (HH & HL + increase in breadth), it's time to be bullish again!
Top idea for next week: Wynn Resorts ( NASDAQ:WYNN )
Buy with break of the High of the day c. 110.4
Reasons:
- Double inside day in the upper wick of a positive High Volume candle (analyst upgrade and positive news) + confluence of 10,21 and...
Very interesting short signal formed in NASDAQ:WYNN here.
The fact that triggered after an extended rally, suggests it could be a low risk entry to try and capture a correction or reversal of the entire move up since the China reopening narrative kicked off...
Best of luck!
Cheers,
Ivan Labrie.
SPY - finished strong last week with a wide body bar holding most of the gains and ending over the key resistance levels.
Remember, for a trend day we'll need to see the $ADD pinned near +\-2000 and $VOLD ratio over +/- 3 and $TICK cumulating past 0 wicking to +/-900.
Oil stocks - higher as a group with crude trading up more than 6% premarket the move following...
1. Demark 13th, aggressive, combo, and sequential
2. RSI overbought. previously after reaching this level, a pull back of 10% ensued
3. Reaching previous resistance of 100 in late 2022
5% stop. Target: 10% for 1/2 and 15% for the rest.
WYNN has had quite a run.
Price is overbought on RSI set on 80.
The Rising Wedge is not valid until the bottom trendline is broken.
A rising wedge is a bearish signal. Rising wedge patterns indicate the likelihood of falling prices after a breakout through the lower trend line.
Rising wedges have both trendlines sloping upward and narrowing at the apex. Price...
BULL PULLBACK SET UP:
Since about the end of June this year, WYNN looks like its been gaining momentum towards the upside. At the beginning of November, the 20 day crossed over and upward movement continued bringing it back to the upward trend line from the June/July lows and is now high basing with a pull back to the 9 day and area of support at 75ish.
The bull...
recently broke a bearish downtrend after cluster support bounce, also bounced from RSI support that goes back to its IPO.
rally to 83.48-105.53 is possible, it might slow down near trend resistance zone
Wynn Resorts, Limited designs, develops, and operates integrated resorts. Its Wynn Palace segment operates 424,000 square feet of casino space with 323 table games, 1,035 slot machines, private gaming salons, and sky casinos; a luxury hotel tower with 1,706 guest rooms, suites, and villas, including a health club, spa, salon, and pool; 14 food and beverage...
