WYN finds buyers at key support level
Wyndham Worldwide (WYN) Technical Analysis Report for May 17, 2018
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.
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.
Even with a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle.
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.
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.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.