Bearish on WYNN
Reasons for shorting
1. WYNN has formed a bearish "M" pattern. It is currently testing 63.1 support. If it breaks that support with doubled or higher than the last day volume, then it may be a potential buy.
2. The SPY is currently bearish. The next support level is near and around 200. If the SPY continues down as I suspect it will, WYNN will likely also follow that trend. If not, however, WYNN may not be a buy.
3. Finally, WYNN has a weighted alpha of -67 which is another bearish indicator.
Profit/Loss
1. If 63.1 is broken, I will buy at that price. I will sell for a profit at 55.2 (about 2 average true ranges(12%)) and sell for a loss at 66.8(1 average true range(6%)).If the price breaks 61, I will then begin to use a trailing stop.
Summary
The SPY needs to continue to be bearish on Monday in addition to WYNN breaking support at 63.1 with definitive volume for me to buy.
1. WYNN has formed a bearish "M" pattern. It is currently testing 63.1 support. If it breaks that support with doubled or higher than the last day volume, then it may be a potential buy.
2. The SPY is currently bearish. The next support level is near and around 200. If the SPY continues down as I suspect it will, WYNN will likely also follow that trend. If not, however, WYNN may not be a buy.
3. Finally, WYNN has a weighted alpha of -67 which is another bearish indicator.
Profit/Loss
1. If 63.1 is broken, I will buy at that price. I will sell for a profit at 55.2 (about 2 average true ranges(12%)) and sell for a loss at 66.8(1 average true range(6%)).If the price breaks 61, I will then begin to use a trailing stop.
Summary
The SPY needs to continue to be bearish on Monday in addition to WYNN breaking support at 63.1 with definitive volume for me to buy.
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