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Traders Up The Ante on Casino Stocks



February 25, 2011 – Comments (0)

The leading casino stocks are in rally mode today along with the major stock market indexes. Wynn Resorts Ltd.(NASDAQ:WYNN) is considered the best of breed casino name at this moment. The stock is trading higher this morning by $3.23 to $122.52 a share. Recently, the stock has declined sharply lower over the past four trading days by over 10.00 points and below the daily 20 moving average. However, today WYNN stock is bouncing back above the 20 moving average. Trader must watch the $124.00 area as important intra-day resistance. There will be minor intra-day resistance around the $122.50 level.

Las Vegas Sands Corp.(NYSE:LVS) is making a move higher this morning. The casino giant is trading higher by 0.70 cents to $45.68 a share. Traders should watch for important intra-day resistance around the $46.10 and $47.00 levels. Pullbacks from both areas are likely.

The next major casino stock that is making a move higher this morning is MGM Resorts International(NYSE:MGM). This stock has been one of the lagging casino stock for quite a while. Today the stock is trading higher by 0.42 cents to $14.04 a share. Traders must watch the $14.20 and $14.60 levels as important intra-day resistance levels. Pullbacks from both levels are possible.

Nicholas Santiago

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