Caesars Entertainment (CZR) made a beautiful breakout on high volume Thursday. It has continually tested this $13.50 level since July 2017. Today, the chips were all placed on Caesar's side of the table. The volume surged to 25 million shares. The SCTR looks to be surging back into the top 25% area. The Relative strength compared to the $SPX made one month highs. The chart will probably add momentum if it can start to break out to new 12 month highs in relative strength.
Arthur Hill mentioned MGM the other day. Wynn has been performing as well. It helps when the whole industry group surges. Below $13.50, I'd let someone else own it, but this looks like a nice breakout here.
Good trading,
Greg Schnell, CMT, MFTA
About the author:
Greg Schnell, CMT, MFTA is Chief Technical Analyst at Osprey Strategic specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA).
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