WYNN (WYNN RESORTS) topped out at 249 in March, 2014 and nosedived to 50 in January, 2016. It was clearly on my watch list and we've discussed it before in these updates. A series of Leibovit Positive Volume Reversals started on January 15. Please note the beautiful Leibovit Positive Volume Reversal on March 10 accompanied by a rising 5/3/3 stochastic which set up the most recent trade. We took profits at vrtrader.com as WYNN surged into the mid-90s following a big opening gap Friday morning. My view is that WYNN can still go higher, but let's wait for a pullback back to the old high at 88.87 or fill Friday's gap at 89.28.
FCX (FREEPORT MCMORAN) topped out at 61.34 in January, 2011 and nosedived to 3.52 this past January, 2016. Three big Leibovit Positive Volume Reversals on February 12, March 10 and March 16 all accompanied by a rising 5/3/3 stochastic which triggered trading buys. We 'rang the register' here as well Friday morning over 11.00 with a view to pullback following a three day run to the upside.
We have been trading WYNN and FCX several times in recent weeks.
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