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Wynn Resorts(WYNN - Get Report) is a developer, owner and operator of destination casino resorts. The stock is trading up 4.9% at $130.89 in recent trading.
Today's Volume: 2.7 million
Average Volume: 2.5 million
Volume % Change: 123%
Shares of WYNN are soaring today after the Macau Business reported that the Macau government may sign the land grant contract for Wynn's projected Cotai property within this month.
From a technical perspective, WYNN is gapping up strong today on above-average volume. This move is pushing WYNN within range of triggering a near-term breakout trade. That trade will hit once WYNN takes out some near-term overhead resistance at $131.20 to $132.59 with high-volume.
Traders should now look for long biased trades once WYNN sustains a move or close over those levels on volume that's near or above 2.5 million shares. If we get that action soon, look for WYNN to re-test its next significant overhead resistance level at $135.25.
Wynn was also featured recently in "
5 Sinful Stocks to Buy for 2012 Gains."