TradeWithAdam
Long

WYNN sets up for a possible move higher!

NASDAQ:WYNN   WYNN RESORTS LTD
WYNN topped out in May of 2018 at $200 and has since plummeted. The great S&P recovery of 2019 has taken this stock from $90 to $125 in just two short months. We currently find WYNN in a downtrend, counter to its more intermediate-term uptrend.

From a fundamental perspective, WYNN is seen to be very tied to the China trade war due to their presence in Macau. The resolution of a trade deal will likely see this stock trade favorably for some time afterwards.

Technically, the very defined channel that we have seen created over the last few sessions is very appealing simply due to how orderly the selling is. This is the standard kind of retracement seen in bull markets for stocks that are preparing to go higher. It also gives us an easy entry into the stock (on a breakout).

To be clear, I also see this as a play on the S&P 500 . If the market turns and heads south, WYNN will not buck the trend. It will also likely not break to the upside first, either -- which is why it is so important not to buy this stock until we see it break the overhead resistance drawn above.

Buy WYNN on a breakout
Target 1: $133
Target 2: $145
Stop out if the price moves back below the most recent low (after breaking out)
Order cancelled: Broke down instead of out!
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