WYNN trade ideas
Wynn Daily - Short - Medium Term Bearish Although a rather simple setup, I find this appealing nonetheless. Here are some key takeaways going into tomorrow's open.
- We appear to be forming a bear pennant. Note the two wicks to the upside that ended in the Daily candle closing down. It appears that Shorts are prominent along this upper resistance. The volume also appears to be in confluence with the selloff as well.
- We do have a minor Support level around $52 that goes back to 2008 - 2009 and 2015. We also have additional Support at approximately $42 from 2008 - 2009.
- The RSI is forming a Hidden Bearish Divergence. Look for the RSI to top off here and begin to trend downwards.
- I expect price action to somewhat resemble the squiggly lines I have drawn out. I expect a test towards the bottom of our bear pennant between $54 - $56. From there, I see two scenarios playing out. The first would result in a bounce back to the upper end of the bear pennant, but I would still favor a breakdown after the small bounce.The second would result in a breakdown towards my noted Support levels.
- Given that the Futures are already down and that Hospitality has been taking a beating during COVID-19. I hold a bearish stance on $WYNN overall.
- This idea IS INVALID if price were to break above the bear pennant and hold it upon a retest.
WYNN LongCondition:
1. Downtrend line was broken by breakaway Gap (G0). Start a new trend.
2. 2/5/2010 Weekly demand zone confirmed
3. G1: runaway Gap shows 40-50% of the trend.
4. Fib 0.618 retracement,
5. Demand zone entry.
Entry in demand Zone: below 55
or buy at next Gap up open
Stop: 50
Target1: 75; risk/reward=1:4
Target2: 95; risk/reward=1:8
Better to see following confirmations:
1. If SPY weekly Close above 260 in two next weeks,
2. If there is a Gap up (G2) break the down trend line.
This is a trading school homework. I need 6 months to practice trading plan.
If you like it, thank you for your support. Please use SIM/Demo account to try it, until my trading plans get high winning rate.
WYNN Elliot Wave AnalysisIt broke its recent bullish run. It's now in a bearish correction. There's support at 59.87 (green horizontal line), once broken targets 1st 57.00, 2nd 51.00. It may run further down to 38. See targets on chart (c).
WYNN Elliot Wave AnalysisWYNN. It broke its recent bullish run. It's now in a bearish correction. There's support at 59.87 (green horizontal line), once broken targets 1st 57.00, 2nd 51.00. It may run further down to 38. See targets on chart (c).
WYNN#WYNN initial rejection today seen on graph. I have put in two resistance lines and one support. If WYNN gets rejected again in the near future at $79.95, it will fall back to the mid/high 60s. If WYNN breaks through $79.95, we'll see the high 80s as its next stop
$WYNN Buying The Dip$WYNN is one which we've been watching and think it's time to start nibbling. We are now at multi-year lows and the $80 level has strong support. The best way to play this sell-off is to buy quality companies. If the sell-off continues, add a little more.
Good luck to all!
Great Dip Buy Opportunity for a 45%+ Return on WynnWYNN has been on a steady horizontal trend for the past couple months. Reaching a strong support, WYNN shows a great dip buy opportunity for a potential 45% return
WYNN testing it's luck WYNN is one of the stocks that has been beaten down the most with the outbreak of the COVID19.
We are now testing a previously held support.
In the chart, I have drawn resistance and support levels; risk reward ratio is attractive, but momentum is not on WYNN's side.
Keeping on a watchlist for a bounce play.
WYNNSuccessful backtest of the breakout so far. Like it above 0.618. Random lines above, ignore those.
Wynn possible 35% upside Long term picture for the stock of Wynn looks really nice and looks to have completed its long term correction phase.
China trade truce is a obvious stimulant also for the stock,
Confluence of Fibonacci Channel and Fibonacci extension at approx $210 is a nice long term target.
P/e ratio 24
Average Recommendation: Overweight Average Target Price:$145
9 BUY
1 OVERWEIGHT
8 HOLD
0 SELL
Company profile
Wynn Resorts Ltd. operates as a holding company, which engages in the development, ownership and operation of destination casino resorts. It operates through the following segments: Wynn Macau, Wynn Palace and Las Vegas Operations. The Las Vegas Operations segment covers Wynn Las Vegas and Encore. The company was founded by Stephen Alan Wynn, Elaine P. Wynn and Kazuo Okada in 2002 and is headquartered in Las Vegas, NV.
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WYNN intra-week scalp for short&long The outstanding situation for WYNN Resorts.
I really like this stock and I have been interested in it since the start of 2019. However, it has reached its significant resistance at $141 level. I would like to use it as an opportunity for shorts and see how it reacts on $132 level if this level will not have any significant strength I will add into my shorts down to $122 where I will change into longs and targeting double top which would be at $141 and higher.
$WYNN Is A Buy On Dips$WYNN has been a great swing trade on dips to the $90 to $105 region.
Great company with strong management.
New Wynn Boston Harbor will start to add to top and bottom lines over the next few quarters, giving the stock a boost.
WYNN Resorts Golden CrossEntry level $142 = Target price $151.40 = stop loss $139
Golden cross complete
significant break of downtrend.
WYNN Showing strengthWYNN is displaying bullishness, a bump and run can be observed in the monthly chart time frame. Which is a period of large growth above the trend followed by a run back to the trend. Also a possible cup and handle (it is a long shot) on the ADX. Currently the price is sitting on the bottom of the trend. Great long opportunity.
