Check the Charts to Get Your Bearings

The market throws a lot of curveballs, and today's action is a good example. Fortunately, clearly defined technical patterns eliminate any guesswork and allow traders to sit back, watch for breakouts or breakdowns and wait for that meatball pitch. 

Shares of Wynn Resorts (WYNN) are rallying today after an earnings release and breaking through the downtrend line of a declining triangle pattern. Moving-average convergence/divergence has been in bullish divergence since May, and volume has spiked over the last two trading sessions. This breakout looks real, and the stock is a buy at its' current price. Pullbacks and retests of resistance-turned support are always possibilities, so use a position size that allows for an initial stop under the 200-day moving average. The pattern projects a target price back up near the February highs....282 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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