$WYNN - Double inside day & Launchpad setupSince the market seems to be in a 'confirmed' uptrend (HH & HL + increase in breadth), it's time to be bullish again!
Top idea for next week: Wynn Resorts ( NASDAQ:WYNN )
Buy with break of the High of the day c. 110.4
Reasons:
- Double inside day in the upper wick of a positive High Volume candle (analyst upgrade and positive news) + confluence of 10,21 and 50 day ( launchpad )
- Tight consolidation with shakeout since the beginning of february
- Bullish momentum since november
- Positive Earning momentum + good fundamentals (EPS q/q & sales >30%)
Stop-loss:
- Low of the second inside day 108.98
- If breakout happens, stop loss could be 10day MA or AVWAP of HV day
PT:
- First area of resistance ca. 117 (partial)
- Fibs: 125
- Or following the 10/21 MA
Follow price and volume + fundamentals !
No investment advice
