Chart of Week: Wynn Resorts (WYNN)

Posted by Ian Cooper | Sep 28, 2022 | Chart of the Day, Market Wealth Daily | 0 |

From Ian Cooper

Investors are gambling on casino stocks again.

All after Macau officials announced the easing of pandemic travel restrictions.

As noted by MarketWatch: JP Morgan analyst Joseph Greff said that would be the “first meaningful” easing of travel restrictions to the gambling center since the start of the COVID-19 outbreak. “This positive development isn’t something the industry or investors were expecting and so we look at this policy news as [a] sizable positive for a sector that has been viewed as very tough to invest in by the buy-side.”

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One of the stocks moving on the news is Wynn Resorts (WYNN) – which exploded from about $58 to $68 so far on heavy volume. Now, if WYNN can break above triple top resistance dating back to June 2022, it could potentially test $75, even $80 a share again, near-term.

Longer-term, we’d like to see the WYNN stock again challenge $100.

About The Author

Ian Cooper

Ian Cooper is an expert options trader with decades of experience, and a special talent for predicting big market moves. Together with TradeWins Publishing, Ian shares exactly how you can follow in his footsteps to potentially find huge profits in today's markets.