Actionable Ideez: WYNN

I haven’t been engaged much in this name since selecting it in iBC’s stock picking contest, AND WINNING. Tonight on the stocktwits stream, though, I saw the ticker and recalled that I had a fantastic chart that lead to much profit making.

Here it is:

A few things about the chart:
— I had to stretch these lines out from where I had them set previously (last time I charted it) and I enjoyed seeing the latest candle, a hammer. It’s a weekly chart, so the hammer needs to maintain or turn into a stronger reversal candle. However, the hammer is there, suggesting that at least today, the bulls showed up in defense.
— The lines actually stretch back to the beginning of ’09, so this is over 2.5 years of channel trading.
— Support was found by the bulls stepping in to defend the 50MA and take it back up to this trendline

I wouldn’t pay much attention to the top of the trendline, as it’s been violated a few times. Though you could favor ChessNWine’s “mattress” theory in terms of taking profits, etc. Better, I’d love to see the market permit adding longs here and this candle stick (yes, pun intended), suggesting WYNN may trade back up towards $160/shr, providing beautiful risk/return, with a stop on entry < trendline at about $135, give or take.

Lastly, I'd like to say that Chess has denied my invitation to 1v1 poker play at the beautiful WYNN, dinner for the wynner at SW Steakhouse. He's cited his "sore shoulder" as reasoning, though I told him I'd buy him a massage for the match.

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