WYNN is showing significant strength right now
Based on the analysis above in WYNN, traders should determine that their portfolio can handle the additional risk from a new position. Also be sure that WYNN is not significantly correlated with your existing positions. Lastly, experienced traders never ignore how a new addition relates both to the overall market conditions as well as their existing account. For example, check the S&P 500. Is it trending or stationary recently? Has it moved up or down though key levels? Be sure to matvh up your trading actions on WYNN with the overall market so you are fighting the crowd.
Currently the important sentiment levels, evaluated by Traders For Wealth, have shown an increasingly negative bias toward WYNN. Also, the price action in WYNN has been moving up a lot. This is a strong sign for a potential upside contrarian play. Traders should view this as a bullish trade and make sure it aligns with the overall market mood, and their current positions.
Wynn Resorts Limited (WYNN)
Wynn Resorts, Limited is a developer, owner and operator of destination casino resorts that integrate accommodations and a range of amenities, including dining outlets, retail offerings, entertainment theaters and meeting complexes. The Company operates through two segments: Macau Operations and Las Vegas Operations. In Macau, it owns interest in Wynn Macau, Limited and operates Wynn Macau and Encore at Wynn Macau. Its integrated Macau resort of Wynn Macau and Encore at Wynn Macau features approximately 284,000 square feet of casino space with over 460 table games and over 710 slot machines. In Las Vegas, Nevada, it owns and operates Wynn Las Vegas and Encore at Wynn Las Vegas. Its integrated Las Vegas resort of Wynn Las Vegas and Encore at Wynn Las Vegas features approximately 186,000 square feet of casino space with over 230 table games and approximately 1,870 slot machines. In addition, the Company is developing an integrated casino resort in Everett, Massachusetts.