Three things strike us as we look at the WYNN chart, above. First, the downtrend has been relentless and bounces in the stock have been limited. Second, you can see that volume has been increasing as prices have fallen -- a sign that sellers are more aggressive and more investors are selling. Last, even when the stock was cut in half (a 50% retracement), it failed to attract much buying interest.
Looking at the daily chart, above, we still don't find lady luck on our side. Prices trade sideways for two or three months before they slip lower. The On-Balance Volume line (OBV) moves steadily lower, confirming the price decline.
No help from our last chart, above. With the break of the 2012 lows around $100-$90, chartists must look back at potential support levels that are more likely to be psychological support than actual buyers showing up. The farther back in history you look, the less reliable support levels become because investors have had plenty of time to trade out of positions or to change their minds.
What's next for WYNN? We can see some congestion in the $50-$20 area from 2008-2009 lows, and this could be WYNN's next stop in its long downward spiral.