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Archive
- 4/19/2024 -
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Wynn Resorts Ltd. (WYNN) Technical Analysis
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| Summary:
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| | It was the negative week for the Wynn Resorts Ltd. (WYNN). During the week, the WYNN dropped -6.19 points, or -6.12%, and closed at 94.99 on Friday, April 19, 2024. Weekly volume was -23% below average.
 Long-term trend: [See WYNN long-term trend chart]
A long-term uptrend had started on June 23, 2022 at 50.20 and reached 117.86 on May 1, 2023. WYNN gained -67.66 points, or -134.78%, in 44 weeks. The chart has formed a Symmetric Triangle chart pattern. The trend support level is at 91.27 and resistance is at 109.57. A Symmetric Triangle pattern represents the area of indecision, where the movement direction is questioned. Chart pattern analysis usually considers a symmetric triangle chart pattern as a continuation formation which resolves in the direction of larger trend, but it also may mark the trend reversal. Use the following link to access a Symmetric Triangle chart pattern help, or use a Technical Stock Screener to see the list of stocks with Symmetric Triangle pattern in a long-term trend.
 Medium-term trend: [See WYNN medium-term trend chart]
A medium-term uptrend had started on November 10, 2023 at 81.65 and reached 110.38 on April 4, 2024. WYNN gained -28.73 points, or -35.19%, in 20 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend support line (104.94) is broken. Usually a broken support is considered to be a long-term bearish signal, but since daily indicators are oversold a short-term pull back is possible. WYNN may retest the broken support line. It is considered to be a resistance line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a medium-term trend.
 Weekly Technical Indicators: [See WYNN weekly technical indicators chart]
Weekly technical indicators are neutral.
The weekly MACD line is above its signal line since December 22, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is low and getting smaller. It indicates that the current medium-term uptrend is getting weak. Use the following link to access a MACD help.
 Short-term trend: [See WYNN short-term trend chart]
A short-term downtrend had started on April 4, 2024 at 110.38 and reached 94.80 on April 19, 2024. WYNN lost 15.58 points, or 14.11%, in 15 days. Price is near the trend low.
 Daily Technical Indicators: [See WYNN daily technical indicators chart]
Daily Relative Strength Index is oversold while Williams' Percentage Range and Lane's Stochastic are strongly oversold. Use the Technical Stock Screener to see the list of stocks with oversold daily Relative Strength Index or strongly oversold daily Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.
The daily MACD line is below its signal line since April 11, 2024. This is an indication that the short-term trend is down. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current short-term downtrend is strong.
During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.
During the last week, the 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.
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