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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...