Many of the leading casino stocks have been holding up lately. As we all know, this industry group was slammed in March with the coronavirus selloff. At this time, leading casino stocks such as Wynn Resorts Ltd (NASDAQ:WYNN), Las Vegas Sands Corp (NYSE:LVS) and MGM Resorts International (NYSE:MGM) have been trading sideways for the past several weeks. Anytime an industry group trades sideways and is off the lows it is building a base to potentially move higher. These stocks are also trading just above their 50-day moving average.
The pattern in the charts will be critical to follow as the stocks are holding up well. I will be keeping these stocks on my radar for a potential break-out setup.