After more than ten years of disappointment, Wynn Resorts (WYNN) has finally done something that seemed almost impossible—it broke above a descending resistance trendline that’s been capping rallies since 2014. For anyone who’s been watching this casino and resort operator struggle beneath this overhead ceiling, the recent breakout circled on the weekly chart represents a potential shift in the technical landscape that’s worth examining closely.

Let’s examine what we’re seeing on the chart. That yellow trendline stretching across the entire chart tells a sobering story of secular decline. Every meaningful rally over the past decade bumped its head against this resistance, only to roll over and retreat. The 2018 attempt? Rejected. The 2021 push? Same story. This wasn’t just any resistance line—it became a psychological barrier that defined an entire era for WYNN shareholders.

But then, something changed. The most recent price action shows WYNN punching through this multi-year lid, and that blue arrow pointing upward isn’t just wishful thinking. When a stock breaks above resistance that’s held for over a decade, it often signals that the underlying fundamentals or market perception have genuinely shifted. In Wynn’s case, we’re talking about a company benefiting from the post-pandemic travel recovery, particularly in Macau and Las Vegas—two markets that have shown renewed strength.

The white horizontal line at $162.64 now becomes the target that matters. This level represents the next major resistance zone, and it’s where the 2018 and 2021 peaks topped out. If WYNN can maintain its position above the broken trendline and build momentum, a measured move toward this target makes technical sense. That would represent roughly 28% upside from current levels—not an insignificant opportunity for patient traders.

What strikes me most about this setup is the weight of history behind it. Markets have long memories, and decade-long trendlines don’t break without meaning something. The question becomes whether this is a legitimate reversal or a false breakout that will eventually fail. My experience tells me to watch how price behaves on any pullbacks. Does it find support where the old resistance lived? That would be the classic “backtest” pattern that confirms the breakout’s validity.

For traders considering a position, the playbook here is relatively straightforward. Buying pullbacks toward the broken trendline (now potential support around $115-120) offers a more favorable risk-reward entry than chasing at current levels. Your stop-loss should sit below the most recent swing low, and the first target is clearly marked at $162.64. A break back below the trendline with conviction would invalidate this bullish thesis and suggest the breakout was premature.

The bearish counterargument? Plenty of traders have been burned by false breakouts in WYNN over the years, and there’s no guarantee this time is different. If macroeconomic headwinds intensify or Macau recovery stalls, this stock could easily retreat back into its decade-long prison. The casino and gaming sector remains sensitive to consumer spending trends and regulatory environments, particularly in China.

So, what does this mean for investors watching Wynn Resorts? This breakout represents the most technically significant development in WYNN’s chart in over a decade. Whether you’re a bull looking to ride the momentum or a skeptic waiting to short a failed breakout, the next few months will reveal which scenario plays out. Keep your eyes on that $162.64 level—it’s where bulls and bears will ultimately settle this debate. The chart is speaking clearly now; the question is whether price can deliver on the promise this breakout suggests.