Wynn Jumps and Pulls Back
Shares of Wynn Resorts (WYNN) jumped 2.6% in early trading today, in reaction to the announcement after the close yesterday that it had received approval to proceed with construction of a new casino in Macau. The stock price has pulled back from its intraday high and may need to retrace some of its recent gains before continuing higher.
The weekly chart shows how a long-term trendline that supported the strong move in the stock through 2010, and into the 2011 summer decline, has been acting as resistance in 2012, and helping to define a rising wedge formation. The relative strength indicator moved above its 21-period average and centerline in the beginning of the year, followed by a bullish crossover in the MacD, which is also crossing above its centerline....250 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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