lauralea

Overbought/Rising Wedge

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NASDAQ:WYNN   Wynn Resorts, Limited
WYNN has had quite a run.

Price is overbought on RSI set on 80.

The Rising Wedge is not valid until the bottom trendline is broken.

A rising wedge is a bearish signal. Rising wedge patterns indicate the likelihood of falling prices after a breakout through the lower trend line.
Rising wedges have both trendlines sloping upward and narrowing at the apex. Price can break up from a Rising wedge but in the end this pattern is bearish and causes an imbalance in supply and demand.

No recommendation.
Komen:
Larger green number is T1. T2 is in smaller green type in case T1 is passed, and so on.
I sold 3/4 of this today as I do not like being inside a rising wedge but plan to buy again when price corrects, and it eventually will correct )*
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