Traders should now look for long-biased trades in WAG as long as it's trending above some near-term support at $46 and then once it sustains a move or close above its 50-day at $48.28 with volume that hits near or above 6.13 million shares. If that breakout triggers soon, then WAG will set up to re-test or possibly take out its next major overhead resistance levels at $50 to its 52-week high at $51.25. Any high-volume move above $51.25 will then give WAG a chance to tag $55.
Caesars Entertainment (
CZR) is a casino-entertainment provider and a diverse U.S. casino-entertainment company. This stock closed up 12.8% to $15.94 on Wednesday.
Wednesday's Volume: 2.01 million
Average Volume: 715,757
Volume % Change: 196%
Shares of CZR skyrocketed higher on Wednesday after the company said it plans to move ahead with plans to offer about $1.8 billion in stock in its emerging online gambling business.
>>5 Stocks Poised for Breakouts
From a technical perspective, CZR soared higher here right off its 50-day moving average of $14.36 with heavy upside volume. This stock has been uptrending strong for the last few weeks, with shares soaring higher from its low of $11.90 to its intraday high of $16.36. During that uptrend, shares of CZR have been consistently making higher lows and higher highs, which is bullish technical price action. That move has now started to push shares of CZR within range of triggering a major breakout trade. That trade will hit if CZR manages to take out Wednesday's high of $16.36 to $17.24 and then once it clears more key resistance levels at $17.77 to its all-time high at $18.37 with high volume.
Traders should now look for long-biased trades in CZR as long as it's trending above $15 or above its 50-day at $14.36 and then once it sustains a move or close above those breakout levels with volume that hits near or above 715,757 shares. If that breakout triggers soon, then CZR will set up to enter new all-time-high territory above $18.37, which is bullish technical price action. Some possible upside targets off that breakout are $25 to $30.