Wynn Resorts Plays Its Cards Right: Golden Cross Signals Bullish Run

Wynn Resorts. Ltd WYNN stock just made a Golden Cross. The stock is up 15.5% year-to-date, driven by a recovery in the gaming market.

Over the past year, however, the stock had steadily declined. In early February, the stock delivered an earnings beat that lifted the stock.

While 2024 has been a good year for Wynn investors so far, the Golden Cross instills further confidence in the stock’s future trajectory.

Related: Wynn Resorts Stock Ticks Higher On Q4 Performance – Here’s Why

Wynn Stock Made A Golden Cross

Wynn is a leading global operator of luxury resorts and casinos. The company, founded by Steve Wynn, has established itself as a premium destination in the gaming and resort industry.

The company’s stock just made a Golden Cross on its price chart.

The 50-day SMA (simple moving average) is indicated with the yellow line in the chart above. It has crossed above the 200-day SMA, which is the blue line chart above, indicating a potential change in the stock’s trend.

This occurrence has caught the attention of investors and technical analysts alike, sparking interest in WYNN as a potential bullish opportunity.

Fundamental Catalysts Likely To Buoy The Stock

While the Golden Cross is generally considered a bullish indicator, investors need to approach it with caution and consider other factors. Combining technical analysis with fundamental analysis can provide a more comprehensive view of the stock’s potential.

Factors likely to buoy Wynn stock this year, include:

• Recent strong performance and sustained growth momentum from Wynn’s Las Vegas and Macau properties
• Las Vegas properties demonstrate strength across all key segments, while Macau maintains market share, signaling potential for further growth.
• Favorable macroeconomic conditions and positive consumer spending trends
• A positive gaming calendar, including events like the Super Bowl and Chinese New Year, is expected to drive record-breaking revenue for Wynn Resorts.
• The company’s resilience and market share retention in Macau highlights its ability to navigate challenges and capitalize on growth opportunities.

Overall, the combination of strong financial results, favorable market conditions, and strategic event-driven revenue positions Wynn for continued positive momentum into FY24.

Analysts Are Bullish Too

Consensus analyst ratings also rate the stock a Buy, with upside indication from recent analysts who reviewed the stock. The majority of analysts who reviewed the stock in February have an Overweight rating on the stock, with price targets ranging between $107 to $128.

Wynn Resorts stock’s Golden Cross is a promising signal for investors looking for potential bullish opportunities. However, it’s crucial to conduct thorough research and stay informed about both technical and fundamental aspects of the stock.

Now Read: How To Earn $500 A Month From Wynn Resorts Stock

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