WYNN closes higher for the 2nd day in a row
Wynn Resorts Limited (WYNN) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, WYNN ended the month -10.55% lower at 74.49 after edging higher $0.27 (0.36%) today, significantly underperforming the Nasdaq 100 (1.96%). Trading up to $1.45 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 8th, WYNN actually lost -5.55% on the following trading day. Closing above Monday's high at 74.23, Wynn Resorts confirmed its breakout through the prior session high after trading up to $0.63 above it intraday.
Daily Candlestick Chart (WYNN as at Jun 30, 2020):
Tuesday's trading range has been $2.74 (3.72%), that's far below the last trading month's daily average range of $5.41. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for WYNN.
After having been unable to move above 74.23 in the previous session, the market ran into sellers again around the same price level today, missing to move higher than 74.86.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the six 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 309 times, WYNN closed higher 53.40% 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 53.40% with an average market move of 0.26%.