WYNN: Don't Buy the 50 Day Line!

08/20/08 04:22PM EDT

WYNN has been breaking down since August 12th, and it doesn’t stop here. After breaking the $95.60 line, I have this stock in negative quantitative territory on both an immediate term "Trade" and intermediate term "Trend" basis.

The 50 day moving average is where the masses think it is going to find support. That price, as a reference point it $91.25. My model sees WYNN's next support at $84.22.
KM

© 2024 Hedgeye Risk Management, LLC. The information contained herein is the property of Hedgeye, which reserves all rights thereto. Redistribution of any part of this information is prohibited without the express written consent of Hedgeye. Hedgeye is not responsible for any errors in or omissions to this information, or for any consequences that may result from the use of this information.