WYNN is one of the better performers from the first quarter of 2016. I’ve spent quite a while looking for a way to play it long but it always felt like chasing.
As it stands right now, the support level around 86 was just tested last week. It’s forming a bear flag pattern, and has not participated in the kind of upside that we saw in the S&P500… so there is some relative weakness there.
What I’m looking for is a breakdown and for the stock to run to 80. Into that, I want to start selling some put spreads as that will be a level buyers will be willing to step up into.