No mood to gamble
With the worry of interest rate hike, businessmen are in no mood to entertain themselves in the gaming and hospitality industry - which is evidenced by the freefalling price of Wynn Resorts.
The Institutional House laughed the loudest as they initiated their short position almost at the top of the uptrend channel, and scale up more once moving averages are turning southeast. And momentum trader are the final group of large fund that deliver this "knockout blow" within short term.
3 support levels to take note:
a. around 171.99, failure to hold
b. lower support of uptrend channel around 160, failure to hold
c. 200 ema will be the last line of defence
The Institutional House laughed the loudest as they initiated their short position almost at the top of the uptrend channel, and scale up more once moving averages are turning southeast. And momentum trader are the final group of large fund that deliver this "knockout blow" within short term.
3 support levels to take note:
a. around 171.99, failure to hold
b. lower support of uptrend channel around 160, failure to hold
c. 200 ema will be the last line of defence
Note
G13ManNote
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.