| Author | Message | ||
     Kubang Celebrity Bewarse Username: Kubang Post Number: 33516 Registered: 09-2011 Posted From: 50.66.0.62 Rating: N/A |
WYNN - I see two trading ranges on WYNN. One is a downward channel that ranges between 80 and 105. The other is a wedge pattern that is set to tighten further from a current range of 89 and 103. So if you want to go long, I would either wait until it dropped to 89 and put a very tight stop since you may be catching a falling knife. Or wait longer for it to bounce off support around 80 – again risking that it keeps going. Or wait for a confirmation of an uptrend by waiting for a close above 105. In that case I could even see 127. I do note that you are pretty much smack dab in the middle right now of the range it trading in over the 12 month period between Feb 15 ($160) and Jan16 ($50). Ignorance is bliss |