WYNN dominated by bulls lifting the market higher throughout the day
Wynn Resorts Limited (WYNN) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, WYNN finished the week 0.81% higher at 133.89 after gaining $3.24 (2.48%) today, significantly outperforming the Nasdaq 100 (0.59%). Today's close at 133.89 marks the highest recorded closing price since May 9th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 132.68, the stock confirmed its breakout through the previous session high after trading up to $1.63 above it intraday.
Daily Candlestick Chart (WYNN as at Jul 12, 2019):
Friday's trading range has been $3.59 (2.74%), that's slightly above the last trading month's daily average range of $3.35. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly 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 Bearish Hikkake Pattern. The last time a White Candle showed up on Tuesday, WYNN actually lost -2.53% on the following trading day.
Prices are trading close to the key technical resistance level at 134.53 (R1).
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying might accelerate should prices move above the close-by swing high at 135.48 where further buy stops could get triggered.
Among the nine 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 Wynn Resorts. Out of 759 times, WYNN closed higher 52.04% 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 54.55% with an average market move of 0.40%.