WYN finds buyers at key support level

Wyndham Worldwide (WYN) Technical Analysis Report for May 17, 2018

Highlights

WYN tanks -3.01% on high volume
WYN breaks below 200-day moving average
WYN finds buyers at key support level
WYN breaks below previous session low
WYN falls to lowest close since May 8th

TQ Sentiment

Report Sentiment:
66% Bearish
Technical Forecast:

Overview

WYN finished Thursday at 109.27 tanking $3.39 (-3.01%) on high volume. This is the biggest single day loss in over two weeks. Today's closing price of 109.27 marks the lowest close since May 8th. Closing below Wednesday's low at 110.74, the share confirms its breakout through the prior session's low having traded $3.40 below it intraday.

Daily chart for WYN

Volatility

Thursday's trading range was $5.32 (4.72%), that's far above last trading month's daily average range of $2.85. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.

Price Action

Even with a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

After trading as low as 107.34 during the day, Wyndham Worldwide bounced off the key support level at 109.11. The failure to close below the support might increase that levels importance as support going forward.

Trend

While the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. WYN broke below the 200-day moving average at 110.82 today for the first time since May 15th.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Latest Report:

WYN snaps to lowest close since May 7th

Jun 01, 2018
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