WYNN dominated by bulls lifting the market higher throughout the day
Wynn Resorts Limited (WYNN) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
WYNN ended the week 5.57% higher at 113.55 after gaining $2.15 (1.93%) today on low volume, significantly outperforming the Nasdaq 100 (-0.3%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (WYNN as at Jan 11, 2019):
Friday's trading range has been $4.21 (3.81%), that's slightly below the last trading month's daily average range of $5.20. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for WYNN.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern. The last time a White Candle showed up on January 2nd, WYNN actually lost -0.97% on the following trading day.
Prices are trading close to the key technical resistance level at 114.24 (R1).
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the close-by swing high at 115.99 where further buy stops could get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Last Engulfing Top Pattern" stand out. Its common bearish interpretation has been confirmed for Wynn Resorts. Out of 56 times, WYNN closed lower 58.93% 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 10 trading days, showing a win rate of 67.86% with an average market move of -1.73%.