I bought a small stake in this yesterday at $147.45. Today's close $151.87. Don't know if I can trust a stock that moves my way right off.
I was waiting for it to close above the box yesterday before stepping it..and it gaped up today. Oh well! another day will come where it will try to test 149 again..and that's the entry point!
Just sticking with this until there is a change of character. The best I can tell is that the 3-box- and 1-box-reversal Point & Figure charts are projecting a price of $214 to $261. Way better odds playing their stock then playing black jack in one of their casinos.
Price hasn't been able to close over $160. Selling is re-presenting itself as it did at this price level after the reaction swing-high on February 13, 2015 when this market was in the midst of long-term downtrend. The question now is whether or not the CM is absorbing sellers or distributing. The market has been in balance for the last 2-1/2 weeks with the daily closes clustered around a $159 axis line. The background is bullish; the trend is up. So far there is no supply of stock coming into this market. It did try to break lower on Nov 29 but then the next day, Nov 30 it took it back. I believe it has just needed to build more cause to work off the sellers going into the Feb 13, 2015 swing-high....and therefore absorption is taking place. However, even if it does break higher, I'm not sure it can go very much higher because the $3-box by 3-box-reversal point and figure chart appears to be saying that even more cause is required at this point. Daily chart: $3-box by 3-box-reversal point & figure chart:
Staying long with the trend for now. There is now 7 closes above the 5-day SMA so an extended run is slightly more probable and a close below the 5-day SMA should be bought. Daily:
WYNN gapped down today on an up market. Closed long position for an 11.4% gain. Held for 42 trading days. Today's action was probably a change in character and the start of some sort of trading range to build cause.
Yep, it was as well as expected as it did hit the point & figure target as near as I could tell it. The last few days it set up a 3-bar balance which I intended to either hold on a break upward or sell on a break down. It broke down with a gap. I expect it will find support between 159.54 and 160.41 and then have an automatic (short covering) rally; setting up a trading range. Daily:
Down over 7% on news of a pattern of "sexual harassment" from the CEO Steve Wynn. Dropped right back down to where it gapped up on Monday. Wynn shares tumble 6% after reports of 'decades-long pattern of sexual misconduct' by CEO Steve Wynn Source: https://www.cnbc.com/2018/01/26/wyn...d-sexual-misconduct-by-steve-wynn-report.html
The cause built at lower prices during the accumulation range was used up at $201-plus. Steve's decades of misbehavior was known by them as the price was quickly run up (within a week) to their price before it became common knowledge. Someone always knows before the news comes out. That hypodermic stick looks ominous. Edit: However, I expect it will attempt to retest that high-volume high, eventually. Weekly sticks:
20 points off the highs, wow. So how much damage to profits will this cause the stock? Somewhere between 0 and 1c?
Depends who bought it at the high. Not my trading style, but I know lots of guys at work who see something breaking out try to get in at the top!
Casino mogul Steve Wynn resigns as top GOP finance chairman Source: https://www.msn.com/en-us/money/com...esigns-as-top-gop-finance-chairman/ar-BBIjESw Casino mogul Steve Wynn resigned Saturday as finance chairman of the Republican National Committee amid allegations of sexual harassment and assault. Wynn has been a prolific Republican donor and led the RNC's fundraising efforts during President Donald Trump's first year, helping the committee rake in more than $130 million.
