Wynn (WYNN) Offering Possible 12.36% Return Over the Next 6 Calendar Days

Wynn’s most recent trend suggests a bullish bias. One trading opportunity on Wynn is a Bull Put Spread using a strike $125.00 short put and a strike $120.00 long put offers a potential 12.36% return on risk over the next 6 calendar days. Maximum profit would be generated if the Bull Put Spread were to expire worthless, which would occur if the stock were above $125.00 by expiration. The full premium credit of $0.55 would be kept by the premium seller. The risk of $4.45 would be incurred if the stock dropped below the $120.00 long put strike price.

The 5-day moving average is moving up which suggests that the short-term momentum for Wynn is bullish and the probability of a rise in share price is higher if the stock starts trending.

The 20-day moving average is moving up which suggests that the medium-term momentum for Wynn is bullish.

The RSI indicator is at 67.89 level which suggests that the stock is neither overbought nor oversold at this time.

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Wynn Resorts has been a big winner in the recent market rally. Wynn calls traded at six times their average daily volume on Tuesday, highlighting a surge in positive sentiment around a company that was mired in scandal for much of 2018. One trader in particular seems to think Wynn is headed for a huge breakout, as broken down by RiskReversal.com’s Dan Nathan.

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Cotai is going great for Wynn Resorts, but the Macau Peninsula is another story.

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