WYNN closes within prior day's range
Wynn Resorts Limited (WYNN) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, WYNN finished the week -3.36% lower at 116.58 after edging higher $0.36 (0.31%) today, notably underperforming the Nasdaq 100 (2.77%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (WYNN as at Oct 12, 2018):
Friday's trading range has been $5.45 (4.56%), that's far above the last trading month's daily average range of $3.93. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for WYNN. Prices continued to consolidate within a tight trading range between 114.10 and 121.10 where it has been caught now for the whole last trading week.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on Wednesday, WYNN actually gained 0.96% on the following trading day.
Prices are trading close to the key technical support level at 114.46 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 114.10 where further sell stops might get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Wynn Resorts. Out of 302 times, WYNN closed higher 51.66% 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 52.65% with an average market move of 0.58%.