WYNN update August 15

WYNN: another ticker we like as it’s forming a classic ascending (bullish) triangle: buyers step in at higher and higher prices whereas sellers keep selling at the same price. thus buying pressure is increasing and will lead to a break out. The measured width of the triangle is ~$18 ($86-$104), which should lead to $122ish. This also fits with the 80/20 rule where trade through $80 leads to $120.

wynn 2

The weekly chart below shows several even higher price targets based on breakout symmetry: $140 to $160. Note the 200w SMA at $127, which fits with the aformentioned triangle target. Clearly around $140 is strong S/R. f

wynn

For  now, all TIs on the daily and weekly time frame are pointing up wanting to see higher prices inline with our analyses.