Day Trading Stock Pick for Monday
WYNN Resorts has the best fundamentals across my stock picks, and it has the best chart pattern.
A morning star (not so perfect) is forming, only confirmed with an up bar on Monday. Traders would want to make this happen on Monday to pump the price in lieu of the earning release the following week.
Trade:
BUY at $61.4 – SELL at $65
80% accuracy
Watch premarket, do not buy during Pre-Market if Pre-market is higher than $61.5.
BULL CHART:
Stoch moving above 20 line
Stoch rebounded from the 50% Fibo Line
There is strong support at $61 as seen by the resistance at the left side of the chart.
Volume is increasing, showing buying interest, traders would not let this fall too low.
Morning star forming
BEAR CHART:
20, 50 SMA are resisting stock price from moving high.
Stoch is actually crossing downwards
WYNN Resorts is my top day trading stock pick for Monday 8 February.
DISCLAIMER: as always, do your own due diligence before making your trade.
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