Casinos such as Wynn Resorts (WYNN) and Las Vegas Sands (LVS) have been struggling as a result of the COVID-19 pandemic.
But both stocks received a boost on Monday when Macau’s government announced they will start issuing tourist visas for visitors to Macau.
For now, visas will only be issued for citizens of the neighboring city of Zhuhai.
Both of these stocks (WYNN and LVS) staged nice relief rallies on the news.
WYNN closed up 10% and LVS is up 7.5%.
Let’s review our weekly cycle analysis on WYNN.
Wynn Resorts (WYNN) Weekly Chart
At askSlim we use technical analysis to evaluate price charts of stocks, futures, and ETF’s. We use a combination of cycle, trend and momentum chart studies, on multiple timeframes, to present a “sum of the evidence” directional outlook in time and price.
askSlim Technical Briefing:
The weekly cycle analysis suggests that WYNN has likely formed an intermediate-term low and is now in a rising phase. The intermediate-term low was due to form between 7/20 – 8/24. Weekly momentum remains negative.
On the upside, there is an intermediate-term resistance zone from 94.63 – 108.50.
On the downside, there are intermediate-term supports from 72.38 – 63.76.
For the bears to regain control of the intermediate-term, we would need to see a close back below 51.48.
askSlim Sum of the Evidence:
WYNN has a bullish cycle pattern and is now likely just entering a new intermediate-term rising phase. Given these conditions, we see a likelihood that the stock tests the intermediate-term resistances beginning at 94 by November.
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