WYND misses to close above 200-day moving average
Wyndham Destinations Inc. Common Stock (WYND) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
WYND finished Wednesday at 34.05 gaining $0.37 (1.1%), significantly outperforming the S&P 500 (-0.46%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (WYND as at Sep 16, 2020):
Wednesday's trading range has been $1.36 (4.04%), that's slightly below the last trading month's daily average range of $1.48. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for WYND.
Prices are trading close to the key technical support level at 33.23 (S1). After spiking up to 34.70 during the day, the share found resistance at the 200-day moving average at 34.70. The last time this happened on April 4, 2019, WYND actually gained 1.20% on the following trading day. After having been unable to move lower than 33.34 in the previous session, the market found buyers again around the same price level today at 33.34.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 34.74 where further buy stops might get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 200" stand out. Its common bearish interpretation has been confirmed for Wyndham Destinations. Out of 13 times, WYND closed lower 53.85% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after five trading days, showing a win rate of 61.54% with an average market move of -0.51%.