With the serious assertions (in a court of law) these days that Steve Wynn is “an old school Vegas gangster,” I thought I’d take a look at the chart of his eponymous casino and resort empire. On the weekly timeframe, it indicates a very long pause after some serious outperformance off the March 2009 bottom. Above $170 represents major resistance dating back to 2007 and then 2011. You could also make the case of a monthly chart cup and handle setup here.
Of course, none of those long-term patterns mean much if WYNN does not find support sooner than later to stem the tide of the correction. Despite the casinos largely being dead money (gangster pun intended) for a while now, you can see below on the daily timeframe that WYNN breached the neckline of a bullish inverse head and shoulders setup, with a projected target of roughly $130 and beyond. The volume pattern is promising as well. Bulls now want to see $110 turn into firm support.
I have no position in the stock but am looking to see if the casinos, especially best in show WYNN, are gearing up for a strong run into the holidays.
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I’d add, watch out for Fall earnings.
Mr. Wynn’s free speech cost shareholders as fund managers dumped holdings in 2011.
Even though the bullet wound has healed and a scar remains from 2011, I still commend Steve for taking a hammer to the Commie in the White House.
That was during the stock’s corrective phase, though. His free speech on the calls could easily be a bullish even if the stock resumes its bull run since 2009 here.
If $WYNN leads, again (2009-2010 style), honorable mention goes out to $MGM too, dimes on the dollar compared to a $WYNN position.
$CZR too, more volatile, with all fundamental corporate changes via parent/subsidiary “Harrah’s”, kindof a case study; some corporate shingle slotted some coin in that paper shuffle.
IPO’d 2012.
Wynn a Boss. If there ever was one.
truth
For what it’s worth, I stayed at the Wynn last Sunday through Wednedsay and it was crowded. All the restaurants were packed to capacity. The casino did have some empty tables at night but overall, it was still crowded compared to the other hotels that I walked through on the strip.
Steve Wynn started the gang war that eventually lead to tupac’s death and 50 cent’s rise to fame