Chart of the Week: Wynn Resorts
Hey good morning everyone. Happy Wednesday. It’s time for our chart of the week. This week we’re gonna be focusing on casino name Wynn Resorts; WYNN is the symbol. Let’s take a look at the stock. It’s having a big day here on Tuesday morning. And hopefully we can get a little bit of followthrough here. So let’s take a look at this chart.
Higher highs, higher lows is the story with Wynn right now. And that is our textbook definition of an uptrend.
We also see the MACD on a buy signal crossover here. Good strong breadth and money flow on the Chaikin money flow down over here.
Good relative strength as well. Let’s take a look at that one right here. Making higher highs, higher lows. Running higher at a very steep angle, which tells us that there’s probably more upside to go before it starts to turn back down.
We did achieve the objective of getting of getting over those May highs, which were about $99, $99.50, back in May. So we are above there on some really heavy volume so far this morning, on Tuesday.
But I think this stock has got some room to the upside. Let’s figure out where it’s gonna go.
So if you go back to the weekly chart, let’s take a look at that for a minute here. Take a look at Wynn on the weekly, and you can see there’s some targets there to the upside at about $115 – let’s call it $115.50. And that’s obviously a downtrend line over here. But still, we see some upside potential here above that resistance line and ultimately probably back up this $140 area. That could be a little later on this year.
I do see some good volume again in this stock over the past several weeks, even going back to last fall. Back to October. Look at the strong volume over here. The stock was trying to carve out a base over here. And it did. And again, if it gets above this trend line over here, let’s call it about $101, $102 right now, we’re gonna see some more upside to the stock. Again, probably back up to this $115 area before it starts to turn back down.
I really like the action, I really like the momentum here on Wynn. So take a look at this one; WYNN.
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