The final series of the Investment in Casino Stocks on Long & Short Investment is regarding Wynn Resorts. In previous series, we applied technical analysis and presented concrete data on the potential direction of three stocks: Las Vegas Sands, MGM Mirage, and Vail Resorts. Although these three casino stocks can soon present great buying opportunities, I would argue Wynn Resorts
presents the best opportunity and the best option from the list of four casino stocks we examined.
presents the best opportunity and the best option from the list of four casino stocks we examined.
Looking at a 1 year chart for WYNN, it has been trading up and down and consolidating in the range of $52 to $70 for past 5 months. Recently, it stopped its decline toward $52, reversed it course at $58 range, and made a new high above $71. This is one of clues that buyers are very interested in WYNN and willing to pay premium prices. The recent low of $58 is a critical level to keep an eye on. Once this level gets broken, then WYNN most likely be headed towards $52. Unless the stock market tanks, I do not see WYNN to reach $58 level anytime soon. The best opportunity to add WYNN to your portfolio would be around $70 range. WYNN is looking strong in 2010!
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