Sure the was a very rare box office smash the weekend, but HAS for one has been getting the job done before the event. Many will say it was in anticipation but if you made an investment decision based on that alone you have a questionable strategy. It was on a current 5 week winning streak up almost 22%, much of it benefit to a 14.2% earnings reaction higher on 4/23. Today marked the fifth straight CLOSE above the very round par number and it is nearing a double bottom pivot of 109.70 in a double bottom base 21 months long. Peer MAT reported on 4/26 and after initially spiking higher it finished the session 10.8% off intraday highs. Good example to buy strength and sell weakness. HAS now trades 7% off most recent 52 week highs while MAT is 30% off its own recent peak.
A Win For Wynn?
For many years the CEO of WYNN was considered one of the best in any industry. And once he left the company just more than a year ago, we heard the company could not survive without him. The recent chart action is speaking otherwise. The round numbers come into play with a near precise kiss off the round 90 number late last December, and was rejected at the round 200 number last May. It has risen 68.2% top to bottom since the last week of ’18, and has acted well POST breakout from a cup with handle, a cup and a bull flag this year alone. It is lagging MGM and LVS down 26% from most recent 52 week highs, but Tuesday evenings earnings report can change that fast. This is just an observation, not a recommendation.
The best breakouts tend to work out right away. We hear this all the time, but it is true. Below is the chart of CVNA and how it appeared in our 4/2 Consumer Report. With all the chat about the autos, TSLA incessant, F blowout reaction, this online retailer for used cars is getting its tires kicked and passing with flying colors. This name drove through a bull flag formation pivot of 60.25, pun intended, and is now dealing with another round number at 70. On the WEEKLY chart it is quickly approaching a cup base trigger of 72.69.