WYNN reversed off its resistance at 118.82 (100% Fibonacci extension x2, horizontal swing high resistance) where we expect to see a drop to its support at 110.52.
Stochastic has reversed off its resistance where a corresponding drop could occur.
ADDYY is approaching its resistance at 118.82 (100% Fiboancci extension, 23.6% Fibonacci retracement, horizontal swing high resistance) where we expect to see a reversal to its support at 110.14.
Stochastic is approaching resistance at 96% as well where a corresponding reversal could occur.
WYNN reversed off its resistance at 105.45 (61.8% & 100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap resistance) where it could potentially drop further down to its support at 98.38 (50% Fibonacci retracement, horizontal pullback support).
Stochastic (55, 5, 3) is approaching its resistance at 96% where a corresponding bounce could occur.
$WYNN looking oversold on the weekly chart tagging a long term support level today in the mid-90s, with RSI around 20. Expecting a bounce from this area in the medium term. Two possible targets on chart.
Note: Informational analysis, not investment advice.
I've been following WYNN for a while and I use this as one of my recession indicators of the economy. I believe people are head above water high in credit debt and can no longer afford to gamble or visit the casino.
My prediction is a -6 to -8% drop before it does a dead cat bounce up.
This is one really beautiful downtrend with lower highs and lower lows, I still see a possible short scenario here but price action does seem to be almost rounding on the Daily Chart if you step back and look at the big picture. With earnings coming up on 10/25, I'm going to be cautious playing WYNN in general but If we can snag a really nice short set-up here...
I am starting mid OCT position for a WYNN short squeeze into both Macau and Vegas numbers due out next month. If the economy is doing as well as the economic data suggests, These stocks seem over sold here.
The company down trending and obeys to all the technical rules:
Classic Reversal on the Daily chart
Resistance by top trending line
Resistance by SMA 20.
Trigger for trade:
- Price < 136.5
- Stop > 139
- First target - 132
- Second target - 129