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

The $170 level (highlighted) failed and price is now open to fall through the pocket toward the confluence of the 61.8% Fibonacci Level and 200 week SMA near $150.

Keep in mind that $150 is also the rising 50 month EMA – a multi-indicator simple confluence.

Finally, we have the clear downtrend/sell phase as seen on the Daily Chart.

Note the prior sideways highlight from May until the September breakdown under the $195.00/$200.00 per share level.

The September sell-off sent price toward the $175.00 support shelf when another smaller range developed between $175 to $190.

This week, price collapsed down under $175 and may be trading down first into the $160 level and then potentially the $150 higher frame support confluence.

For objective (non-biased) planning, keep in mind that a firm rally back above $175 could invalidate the downside targets and spring a BEAR trap.

If shorting this stock, be aware of the trap outcome (which targets $190 if firmly above $175).

Keep watching these levels and planning your real-time strategies accordingly.

This article is brought to you courtesy of Corey Rosenbloom from Afraid to Trade.

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