WYND runs into sellers around 49.79 for the third day in a row
Wyndham Destinations Inc. Common Stock (WYND) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
WYND ended the week 3.24% higher at 49.40 after losing $0.24 (-0.48%) today, underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (WYND as at Feb 14, 2020):
Friday's trading range has been $0.59 (1.19%), that's far below the last trading month's daily average range of $1.03. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for WYND. Prices continued to consolidate within a tight trading range between 48.51 and 49.80 where it has been caught now for the last three trading days.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key technical support level at 48.67 (S1). The market ran into sellers again today around 49.79 for the third trading day in a row after having found sellers at 49.80 in the previous session and at 49.67 two days ago. The last time this happened on January 2nd, WYND lost -1.44% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 49.80 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 48.51 where further sell stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Wyndham Destinations. Out of 709 times, WYND closed higher 52.19% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 55.29% with an average market move of 0.52%.