In our May 13 review of Wynn Resorts (WYNN) we wrote that we "would wager (compliance officers at brokerage firms hate the word "bet") on WYNN finding support in the $120-$115 area and eventually resuming its upward trend. Aggressive traders could probe the long side here risking below $110 for now. Cautious traders could wait and go long above $133. The $280-$300 area is our longer-term price target."
In the updated daily bar chart of Action Alerts PLUS holding WYNN, below, we can see that the shares have rallied from the middle of May into early June. Buying support can be seen around $120. Prices are currently retesting the 50-day moving average line but are well above the rising 200-day line.
The On-Balance-Volume (OBV) line shows a low in early May and some improvement into June. The Moving Average Convergence Divergence (MACD) oscillator crossed above the zero line in late May for an outright buy signal.