Wynn Resorts, Limited (WYNN): Key Levels To Watch

key level to watchCorey Rosenbloom: If you’re trading Wynn Resorts, Limited(NASDAQ:WYNN) stock or considering it – or just want to learn a neat real-time lesson as price breaks lower – then take a moment to view the current trend, charts, and levels.

We’ll start with the broader picture trend on the Monthly Frame:

Just based on monthly closing highs, the key simple level on the Monthly Chart is the current $160 per share shelf.

However, the rising 50 week EMA intersects $150 as a likely downside target should the price floor fail.

Notice the two prior sell-swings (2007’s reversal and 2011’s pullback) and compare the current retracement.

While the trend is up – and WYNN has more than increased 10 times from the $20.00 low – price does tend to swing from pro-trend to counter-trend phases (we’re seeing a counter-trend phase now on the higher frame).

Of course, that counter-trend on the monthly chart is a DOWNTREND on the Lower Frames:

WYNN is crafting a series of lower lows and lower highs and retracing past the 50% “half-way” Fibonacci Level.

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