A Smorgasbord of Technicals

Three classic technical patterns are playing out on the charts of three popular stocks, and they suggest bullish, bearish and neutral outcomes.

Wynn Resorts (WYNN) -- Daily Source: StockCharts.com View Chart » View in New Window »

A bullish cup-and-handle formation can be seen on the daily chart of Wynn Resorts (WYNN), with the rim line in the $133.70 area. That resistance, and the 50-day moving average, were decisively taken out at Thursday's today, and the strong price action has continued to the current point in the session. The moving average convergence-divergence line made a bullish crossover during the cup-formation phase, and the relative-strength indicator crossed above its 21-period signal average. Both have now advanced above their centerlines. Volume is still light, but Chaikin money flow is reflecting accumulation. A successful pattern of breakout targets the May highs....261 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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