WYNN - Watch closely!
Weekly candle chart...
Supports are the supporting trend line and the 200 week moving average.
The resistance is the 50 day moving average (NOT SHOWN).
The convergence of the supports and resistance levels will force a reaction most likely in one direction or the other. I don't like entering here...I'd wait and see how it plays out. Ideally, we will see a break above the 50 day moving average on volume and the 200 week ROC become for positive. But if not, be careful.
You will also notice what appears to be a giant cup and handle formation, which, upon it's breakout (shown) behaved as such.
Supports are the supporting trend line and the 200 week moving average.
The resistance is the 50 day moving average (NOT SHOWN).
The convergence of the supports and resistance levels will force a reaction most likely in one direction or the other. I don't like entering here...I'd wait and see how it plays out. Ideally, we will see a break above the 50 day moving average on volume and the 200 week ROC become for positive. But if not, be careful.
You will also notice what appears to be a giant cup and handle formation, which, upon it's breakout (shown) behaved as such.
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