The price action on Wynn Resorts' chart indicates that the casino operator may be ready to move higher.
WYNN appears to be trying to find a base above its 52-week low of $101.02, reached on Dec. 15. On Thursday and Friday the stock fell below $102 but never violated that December low, which may be a positive technical signal.
Wynn's shares, which were trading above $138 on May 2, rose 0.4 percent on Friday to close at $101.94. The next upside challenges will be at their 5-day moving average of $103.75 and the Jan. 12 low of $104.62. Both metrics represent key hurdles that must be cleared for the stock to continue higher.
(Chart courtesy of tradeMONSTER )
More From optionMONSTER
Apple came under fire Tuesday at a Senate hearing over an investigation that alleged the tech icon has kept billions …