Stock Picks For Wednesday: Melco Crown Entertainment Ltd And Wynn Resorts

The casino stocks might prove to be a good bet in the coming weeks. They are lot of good news coming to the market that put some fuel in investors mind to bet in some remarkable names, such as Wynn Resorts Ltd, Melco Crown Entertainment Ltd. and Las Vegas Sands.

According to Bloomberg, Macau will limit the commissions paid to junket operators to 1.25 percent of the betting chips purchased by high rollers, which could boost casino operator’s earnings from now on. I still technically covering some of these names over the recent days with a Bullish bias and I expect that can continue till the end of year. Most of these stocks are now in Breakout mode, therefore buying on deeps seems to be the best bet. It does not matter if they have doubled since March low, the casino stocks can move much higher from here. The trend is your friend until it ends.

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Melco Crown Entertainment Ltd (MPEL) had a very bullish move today breaking several resistance lines with large volume. The stock broke out of a range, as the stock set new highs for 2009. This could be the start of a bigger move, which his why I’m watching the stock on Friday. Today’s high of $8.06 is resistance for the next upside move. The technical daily chart shows the stock is still in bull market as both 50 day and 200 day moving average are going up with MACD still above 0.

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Wynn Resorts (WYNN) The outlook remains bullish and the stock appears on course to move to the target zone of the 79-80 range. A break above 73.80 would confirm the possibility of a move up to the target price of 80. On the other hand, a decline below Rs 65.30 would blunt such a possibility. The technical daily chart shows the stock is in a strong bull market with 50 day moving average on top over 200 day moving average and MACD is above signal line.

Other Stocks to Watch :

Today’s candlestick pattern was a Bullish Engulfing

LPX - LOUISIANA PACIFIC CORP
GSAT - Globalstar Inc
LBIX - Leading Brands Inc
VISN - VisionChina Media Inc
FRGB - First Regional Bancorp
MRVC - Mrv Comm Inc
WIT - Wipro Ltd
USAT - USA Technologies Inc

Today’s candlestick pattern was a Bearish Engulfing

ORCL - Oracle Corporation
CMCSA - Comcast Corporation
AMGN - Amgen Inc.
USB - US Bancorp
TXN - TEXAS INSTRUMENTS INC
SYMC - Symantec Corporation
TEVA - Teva Pharmaceuticals
LUV - SOUTHWEST AIRLINES CO
XLNX - Xilinx, Inc.
CAG - CONAGRA INC
TGT - TARGET CORP
HOLX - Hologic, Inc.
MON - Monsanto Co
BBI - Blockbuster Inc
CI - C I G N A CORP
WLP - Wellpoint Inc
TIBX - TIBCO Software, Inc.
IMMU - Immunomedics, Inc.
CPWR - Compuware Corporation
PGR - PROGRESSIVE CORP
HYTM - HYTHIAM INC
QGEN - Qiagen N.V.
SHLD - KMart Corp
K - KELLOGG CO
SOA - Solutia Inc
DIOD - Diodes Incorporated
ABAT - Buy It Cheap.com Inc

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations. The charts provided here are not meant for investment purposes and only serve as technical examples.

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