Core Viewpoint - Wynn Macau (WYNMY) has shown a downtrend recently, losing 6.4% over the past four weeks, but a hammer chart pattern suggests a potential trend reversal as buying interest may be emerging to counteract selling pressure [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottoming out, suggesting that selling pressure may be subsiding, which is a bullish signal for the stock [2][5]. - A hammer pattern forms when there is a small candle body with a long lower wick, indicating that despite a new low, buying interest has emerged to push the stock price up towards the opening price [4][5]. Fundamental Analysis - There is a strong consensus among Wall Street analysts to raise earnings estimates for Wynn Macau, which supports the bullish case for the stock [2][7]. - Over the last 30 days, the consensus EPS estimate for the current year has increased by 284.2%, indicating that analysts expect better earnings than previously predicted [8]. - Wynn Macau holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which typically outperform the market [9][10]. Conclusion - The combination of the hammer chart pattern and the upward trend in earnings estimate revisions enhances the likelihood of a trend reversal for Wynn Macau [1][7].
Here's Why Wynn Macau (WYNMY) Looks Ripe for Bottom Fishing