It’s Make Or Break At $60 Support For Wynn Resorts’ Stock

Wynn Resorts (WYNN) has come into a “Make or Break” support zone at the $60 per share level.  Let’s take a look at its daily chart and note Fibonacci, Moving Average, and Bollinger Band support coming together just beneath price right now.

We see price in an “ABC” pullback (retracement) pattern in an uptrend into a critical support zone.

We see the 50 day EMA at $62.28 and the bottom (lower) Bollinger Band at $61.46.

Beyond this, we see the 61.8% Fibonacci retracement from the September lows to the recent highs coming in at $60.17… which also corresponds with a prior price resistance zone (polarity principle) from the August swing highs.

Volume has declined during this pullback which is bullish (declining volume during a retracement is generally bullish).

Price also formed a hammer off this level.

It’s up to the buyers to keep this buy signal (hammer off confluence support) going, and if so, they will have successfully defended the $60.00 per share level, which sets up a minimum target of a retest of the prior highs at $75.

However, given the generally overextended status of the S&P 500, any move beneath $60 in WYNN would likely trigger a host of stop-losses (enter the “pocket of stops”) which would be a quick sell signal to target a price move down to perhaps the $50 per share level.

Let’s watch and perhaps even trade closely to see the outcome of this confluence support structure.

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