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Wynn Resorts Ltd: Potential Double Bottom

Published 01/18/2016, 06:31 AM
Updated 07/09/2023, 06:32 AM

Despite the market's sell-off on Friday, the stock closed the session with a 13.34% gain on its heaviest positive trade since October 2. If we could see a V-bounce like we witnessed in October, the stock could run towards 68/70 levels, which could mean +20% gains. From a technical standpoint, there is a possible double bottom formation evident on the daily chart. Plus, all three technical indicators are showing positive divergences by not falling below their October 2015 lows. The immediate bias is bullish and a break of Friday's high of 59.12 will lead to some big momentum. Keep in mind, Wynn Resorts Limited (O:WYNN) CEO has purchased 1 Million shares between Dec 4 and Dec 8 at prices well above the current levels. On Watch.
WYNN Daily Technical Chart

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