WYNN Bullish Pennant and Upper Support Broken
WYNN seems to have formed a bullish pennant ahead of earnings. Confirmation of a breakout would correspond to breaking an upper limit of a 2014 support channel, and would lead WYNN into the final support channel before it would retest its ATH.
As an aside: I think the blossoming economy and recent tax cuts, which have put extra money back into the pockets of citizens, gives way to an overall bullish sentiment for what I call "consumption companies". Lower taxes and a blooming economy give way to increased consumer spending, which I think Wynn has enjoyed in the past quarter. I may be going a bit too far out here, but I also think that the very harsh winter that the Midwest and East Coast is just coming out of could have fueled travel towards Las Vegas as people sought warm weather. Thus, this influx of visitors would increase traffic and spending in Wynn resorts and casinos.
As an aside: I think the blossoming economy and recent tax cuts, which have put extra money back into the pockets of citizens, gives way to an overall bullish sentiment for what I call "consumption companies". Lower taxes and a blooming economy give way to increased consumer spending, which I think Wynn has enjoyed in the past quarter. I may be going a bit too far out here, but I also think that the very harsh winter that the Midwest and East Coast is just coming out of could have fueled travel towards Las Vegas as people sought warm weather. Thus, this influx of visitors would increase traffic and spending in Wynn resorts and casinos.
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