Despite a massive surge in price starting last summer, Wynn Resorts (WYNN) looks to be developing a bearish pattern that could signal the end of this rally.
Coming out of the pandemic, casinos began to make a speedy recovery as customers returned to the hotel and casinos in search of some much needed rest and relaxation. Since then, stocks of these hospitality companies went through the roof, climbing more than 70%.
The rising wedge pattern is often a signal of bearish moves to come. As you can see on the chart in the video below, this is exactly the type of pattern we are seeing in WYNN. This sets up a short play should the price break to the downside, making this trade less of a gamble and more of the high probability trade we love to see.
Be sure to watch the full video below to see what kind of trade you can put on to return a nice gain.
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