CZR bounced off a year long up trendline + horizontal support with a long tail doji yesterday. Slight sell off today, thus presenting us a good time to buy in.
Target profit 1: Next immediate resistance at around $100 giving us about 2.8 R/R ratio.
Target profit 2: Next resistance at around $105 giving us about 4 R/R ratio.
If you trade options, 3 months out should be sufficient. As for strike price, it will depend how risky you want it. ATM strike will be safer vs OTM strikes.
P/S: There's actually a typical Elliot Wave pattern formed/ H&S pattern with a broad neckline. Depending on the price action in the upcoming days, we will evaluate again if the move will unfold.
Disclaimer: I'm not giving any trading and investing advice. I'm just sharing my chart observations.
If you have any symbols that you'd like me to analyze, feel free to drop me a comment.
Also, which do you like most and least right now? WYNN, LVS, MGM and CZR? Thank you in advance!
leslieyimsm
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@ktaba, I think LVS is really oversold! However, I'd like to wait for some form of reversal shown before entering. As of today, there's none yet.
ktaba
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Yeah it’s literally been so oversold in my opinion. Both delta variant and China/Singapore association isn’t helping either. It’s making new 52 week lows AMD I feel like only Las Vegas is holding up relatively okay.
leslieyimsm
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@ktaba, yea! But well, we'll never know what the big players are doing at the background.