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Wynn Resorts (
WYNN) is a developer, owner and operator of destination casino resorts. This stock is trading up 3.5% at $139.91 in recent trading.
Today's Volume: 1.26 million
Average Volume: 1.24 million
Volume % Change: 130%
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From a technical perspective, WYNN is ripping higher here right above its 50-day moving average at $134.69 with above-average volume. This move is quickly pushing shares of WYNN within range of triggering a near-term breakout trade. That trade will hit if WYNN manages to take out some near-term overhead resistance at $140.41 with high volume.
Traders should now look for long-biased trades in WYNN as long as it's trending above $137.50 or above today's low of $136.11, and then once it sustains a move or close above $140.41 with volume that hits near or above 1.24 million shares. If that breakout triggers soon, then WYNN will set up to re-test or possibly take out its next major overhead resistance level at its 52-week high at $144.99. Any high-volume move above $144.99 will then push shares of WYNN into new 52-week high territory, which is bullish technical price action. Some possible upside targets off that move are $149 to $150, or north of $150.
Wynn was also featured recently in "
5 Sin Stocks to Play Defense."