WYNN has now officially made the round-trip to its prior 2007 and 2011 highs. We looked at those highs a few weeks back in my Strategy Session as acting like a price magnet. Aggressive traders may consider a tactical short against long-term resistance here, especially with the weekly chart, first below, showing weak volume (I know, I know, volume does not matter anymore), and a cover-stop above $165.
FREE is a long idea on the second chart, below, if you are looking for some low-priced hot action. Note the high buy volume surge off recent lows for the Greek shipper. The stock now looks to be bull-flagging before another leg higher in this bear market rally (still a declining 200-day moving average above), if $0.80 can be breached.
Those are both fairy aggressive ideas, so keep that in mind.
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thanks for your work on FREE,very much appreciated. has $5 potential long term.short term i am looking for 1.40ish,then reassess
Good man, Randad. It is a high stakes gamble with huge upside potential.
Wynn actually closed slightly above the 9/20/2011 high but hasn’t reached the 7/19/11 high or the 10/26/07. I could see selling at this point but not selling short. Seems like it should tell me it wants to roll over first.
Thanks, Joe