WYNN pushes through Monday's high
Wynn Resorts Limited (WYNN) Technical Analysis Report for May 21, 2019 | by Techniquant Editorial Team
WYNN ended Tuesday at 120.87 gaining $0.69 (0.57%) on low volume, slightly underperforming the Nasdaq 100 (1.01%). Closing above Monday's high at 120.37, the market confirmed its breakout through the prior session high after trading up to $0.95 above it intraday.
Daily Candlestick Chart (WYNN as at May 21, 2019):
Tuesday's trading range has been $1.43 (1.19%), that's far below the last trading month's daily average range of $4.09. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for WYNN.
Prices are trading close to the key technical support level at 118.99 (S1). Prices are trading close to the key technical resistance level at 123.13 (R1).
While the share is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Selling might accelerate should prices move below the nearby swing low at 116.81 where further sell stops could get activated. Trading close to March's low at 114.50 we might see further downside momentum if potential sell stops at the level get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Wynn Resorts. Out of 384 times, WYNN closed higher 51.30% 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 53.91% with an average market move of 1.02%.