Wynn Resorts (WYNN) has seen a big jump lately, rising up to its current level above $110/share from a low in the mid-$80s late last year. As shown in the chart below, the stock has jumped more than 10% just over the last week, causing shares to break above highs made last September.
We’ve been tracking WYNN closely over the last couple of years, and the last twelve months have been remarkable — not because the stock has spiked or crashed, but because it has traded in such a back-and-forth sideways range. As you can see in the two-year chart of WYNN below, since last March, the stock has bounced up and down between $80 and $110 seven different times. Each time it has hit the top of its range, it has failed to break above resistance, and each time it has dipped to the bottom of its range, it has failed to break below support.
The reason we’re highlighting WYNN now is because today shares finally broke above resistance and hit a new 52-week high. WYNN longs are hoping this breakout finally puts an end to the game of ping-pong that has been going on for the last year.
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