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WYN finds buyers at key support level


Technical Analysis Report for WYN - May 17, 2018 [< 1 min read]
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
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.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bearish Break through SMA 200 TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bearish Engulfing Candle TQ Pro Members Only
Strong Down Move TQ Pro Members Only
More market conditions identified for TQ Pro members...
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