Yesterday, a report was released that casino revenues missed estimates for the 3rd month. This news is certainly weighing heavily on the casino stocks today. Leading casino stock WYNN Resorts LTD (NASDAQ:WYNN) is trading lower by $7.54 to $185.34 a share. Swing traders should note that the stock is trading below the important 50 and 200-day moving averages. This chart formation puts the stock in a weak technical position. Swing traders should watch for near term support around the $177.00 level. This is an area where swing traders can look for a short term bounce in the stock.
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Nick SantiagoChief Market Strategist
www.InTheMoneyStocks.com
