WYNN ends the day on a bullish note closing near the high of the day
Wynn Resorts Ltd (WYNN) Technical Analysis Report for Apr 16, 2018
WYNN ended Monday at 188.70 surging $4.89 (2.66%). This is the biggest single day gain in over two days. Today's closing price of 188.70 marks the highest close since March 12th. Closing above Friday's high at 187.84, the stock confirms its breakout through the prior session's high having traded $0.91 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Monday's trading range was $6.37 (3.45%), that's above last trading month's daily average range of $5.51. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.
After trading as low as 182.38 during the day, the market bounced off the key support level at 183.20. The failure to close below the support might increase that levels importance as support going forward. Prices are trading close to the key resistance level at 192.75. The share ran into sellers again today around 188.75 for the third trading day in a row after having found sellers at 187.84 in the previous session and at 188.00 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying could move prices higher should the market test March's nearby high at 192.75.
While classical technical analysis indicates a slightly bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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