Weekend update on XLE, SPY & WYNN

There are few open positions which I would like to comment:-

#1: XLE

This position is doing fine. The price hits the higher band of the bollingerband and forms a bearish counter attack candlestick pattern. Strong mid term resistance is formed at around $58.37. I would expect the price to trade sideway/downtrend. 

If the price go against my expectation, I will response to it by implementing repair strategy. Let the market tells us what to do next. 

  

#2:SPY

This position is also doing fine. The price moves above the higher band of the bollingerband and forms a bearish counter attack candlestick pattern. Strong mid term resistance is formed at around $195. It seems like falling off the roof (breaks the resistance but fail in the next session) hence I would expect the price to trade sideway/downtrend.

  

#3: WYNN

The price was trending up since 15 February until the previous 4-5 sessions when few doji were formed. Volume was decreasing, showing the buying pressure was somehow halted. Shooting star candlestick pattern was formed after market closed yesterday. 

The sell call option leg (refer my live trade position in WYNN) is currently ITM but the technical analysis of WYNN is still showing bearish. I expect the price to go OTM next week. Nevertheless, I will adjust the position if the overall market momentum is bullish next week. 

This is the beauty of trading options. We can trade our view but we are agile and flexible. If we are right, we will make $, if we are wrong, we can still make $. Take care and trade well!

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