OptionsPlay DailyPlay

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.

View this Trade Idea on WYNN

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.