Wynn (WYNN) Offering Possible 40.45% Return Over the Next 3 Calendar Days

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Wynn’s most recent trend suggests a bullish bias. One trading opportunity on Wynn is a Bull Put Spread using a strike $136.00 short put and a strike $131.00 long put offers a potential 40.45% return on risk over the next 3 calendar days. Maximum profit would be generated if the Bull Put Spread were to expire worthless, which would occur if the stock were above $136.00 by expiration. The full premium credit of $1.44 would be kept by the premium seller. The risk of $3.56 would be incurred if the stock dropped below the $131.00 long put strike price.

The 5-day moving average is moving up which suggests that the short-term momentum for Wynn is bullish and the probability of a rise in share price is higher if the stock starts trending.

The 20-day moving average is moving up which suggests that the medium-term momentum for Wynn is bullish.

The RSI indicator is at 65.54 level which suggests that the stock is neither overbought nor oversold at this time.

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Casino company and, recently, online sports betting operator Wynn Resorts (NASDAQ: WYNN) issued a press release Friday saying it has been approved to offer digital sportsbook services in the state of Virginia. After receiving the permit, company president Craig Billings said Wynn “[appreciates] the confidence the Virginia Lottery has in our ability to deliver a world-class, online betting experience.” Wynn hasn’t activated its WynnBET sports betting platform in the Old Dominion yet, but says it’s planning to do so “soon.”

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WynnBET, the premier casino and sports betting app from the global leader in luxury hospitality, Wynn Resorts, announces today that it has been issued a permit for the operation of online sports betting in the Commonwealth of Virginia. The WynnBET mobile app will soon be made available to sports betting enthusiasts for registration and use throughout the state. This marks the tenth state to be added to the growing list of jurisdictions where WynnBET plans to launch.

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