Just one month ago, shares of big casino operators were threatening
to break out to the upside from their respective six-month swoons. Fast
forward to this week, and they are doing anything but that.
The attempt to rally failed, and now casino stocks -- and
Wynn Resorts (NASDAQ: WYNN) in particular -- are breaking down below support.
Based on the size and shape of the pattern formed so far this year, there looks to be a big drop coming.
After peaking in March near $249, WYNN reversed course and fell to a
low below $200 by late April. From there, it settled into a sideways
range, offering short-term traders some good action, but essentially
going nowhere for months.
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