$WYNN is Very Strong

There’s no doubt that Wynn Resorts has been on a bullish tear lately. However, multiple timeframe confirmation indicates that much more strength could be ahead for this stock. Here’s why..

Daily Chart Breakout

The daily chart of $WYNN shows price got a major breakout through the top of a large ascending wedge at $94 during yesterday’s market. This breakout also coincided with a break above the monthly Value Area High (VAH), which means initiative buyers will begin to enter the market to push price to higher value.

Therefore, a 5-month visual resistance level, a bullish ascending wedge, and the VAH were all violated in one day, creating a powerful form of bullish confluence.

Wynn Resorts ($WYNN)

If price remains above $90, we could easily see a break above $100 soon.

Weekly Chart Breakout

The weekly chart shows price has been trending steadily higher from the $15.00 level early in 2009. Over the last five months, price has basically traded in a large range from $75 to $94 below the yearly H4 Camarilla breakout level. However, the current weekly bar is beginning to push above H4, indicating another breakout opportunity.

Wynn Resorts ($WYNN)

Given recent price structure, we could see an upside continuation back toward the next area of resistance, which spans from $115 to $122, especially if price remains above the long term lower trend line.

Let’s see what happens!

Cheers!

Frank Ochoa
PivotBoss.com

Follow Frank on Twitter: http://twitter.com/PivotBoss