The bearish DailyPlay we chose for Tuesday Nov 15th is Wynn Resorts (WYNN). WYNN is part of the Consumer Discretionary Sector (XLY). Over the last month, XLY has experienced a 1.08% move higher and it’s 1m and 6m trend turned bullish on 11/11 but recently bounced lower off its $80 resistance level.
Wynn Resort’s 1m and 6m trends turned bearish on 11/3 and recently broke below its $90 support level on high volume. With a technical score of 2 (out of 10), WYNN looks positioned to continue this strong bearish trend lower.
As a stop loss, if WYNN was to trade above $90 for multiple days, this would invalidate our analysis and suggest getting out of the trade.