WYNN in a holding pattern before breaking out
Stock: Wynn Resorts (WYNN)
Long or Short: Long
Entry Range: $113.50-113.75
Stop-Loss: 110.40
Chart: Wynn Resorts (WYNN) Daily
Reason for Trade: This is a similar trade setup to the one we took in ADS earlier this week. It is coming out of an ascending triangle pattern with a lot of room to run here. Also, you have a very strong rising trend-line off of the August lows.
I’m long from $113.57 with a stop-loss at $110.40. The goal is to ride this trend-line higher and then sell once it crosses below it. Very tight risk/reward setup.
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