WYNN will this thing bounce

I like to find higher probability trades, as I am sure you do, and one way I look for these is by scanning for extreme prices moves. Sometimes this can be a price percentage move, or sometimes in can simply be in the number of down days – or up days – in a row.

One such situation is with $WYNN with a 2 week down move in price. With each passing day, the probability of a bounce increases (this could be a mild Relief Rally or the start of something more pronounced). In addition, the Daily chart shows price sitting on a VERY key moving average:

The 200 SMA (Simple Moving Average) is supporting price at the moment. I see 2 scenarios playing out here:

1) price falls thru the 200 SMA but then tests the 102.5 B/O area quickly (a B/O backtest). If it can push back up thru the 200 SMA, the 50 SMA will continue to be resistance, then the $110 level.

2) price holds here and works the range in between the 200 SMA below and 50 SMA above. Not likely imo, I think it breaks thru one of them.

Set your price alerts, a battle will now ensue. Place your bets, Red or Black.

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