Serge Berger is the head trader and investment strategist for The Steady Trader
. Sign up for his free weekly newsletter . Wynn Resorts (NASDAQ: WYNN ) The
stock of this luxury casino operator has seen some volatile swings over the past
two months. After staging an impressive rally into mid-July, the stock ran out
of steam in a big way as it traded lower with the rest of the market. Looking
beyond the financials of the company, it would of course make sense to see
slowing demand in the gambling arena if the economy were to slip into a second
recession. However, that is neither the point of this article nor necessarily my
view. What we are looking at here are the technicals. On the weekly chart
looking back three years, note that last week's sell-off has brought the stock
right to its multi-year uptrend (blue line), where it proceeded to bounce from.
No comments:
Post a Comment