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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

...If the dots don't connect, gather more dots until they do...or, just follow the $$$...

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NOTABLE POSTS WITH IMPORTANT UPDATES...

Monday, January 29, 2018

Traders Dump Wynn Resorts

* See UPDATE below...

The price of Wynn Resorts has plummeted the past couple of days, as shown on the daily chart below of WYNN.

The momentum indicator has fallen below the zero level and volumes have spiked.


A bigger-picture view reveals that price spiked briefly above the 76% Fibonacci retracement level and has now dropped below its 60% Golden Ratio level, as shown on the following monthly chart.

Major price support sits at 155.00, while the 50% Fib level is just below at 149.00. The January '18 candle is forming a bearish shooting star, and volumes have been declining since March '16.

Watch to see how the January candle closes, as well as daily price action, volumes, and its momentum level, inasmuch as a hold below zero will hint of further weakness ahead.


* UPDATE January 30...