Risky Business:
The casino names for the most part have been flopping, but many have seen some nice moves off the March lows. Of course other groups have witnessed firmer moves, but some interesting propositions are appearing for investors. CZR fractionally concluded an 8 week winning streak this week, but its chart is sporting a bull flag formation in conjunction with the round 60 number. A break above would carry a measured move to the very round 90 number. A more non traditional gambling play, CHDN is just 7% off most recent 52 week highs, and recently successfully retested a cup base breakout pivot near the round 150 figure. Below is the chart of a laggard in the space in WYNN, now 52% off its yearly peak but seems to be holding the round 70 number very well. And since the 6/29 session, it has recorded FOUR bullish engulfing candles to CLOSE above 70 each time, and today on a somewhat fragile tape acted powerfully. My preference is to buy strength, but this is presenting a decent risk/reward opportunity a point or two lower from here. Not sure you want to go “all in” on this play, but as speculation could show potential.