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Possible Bearish Inside Day Candle Pattern Detected for Wynn Resorts Ltd (NASDAQ:WYNN)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wynn Resorts Ltd (NASDAQ:WYNN) based on the price action in the company's shares. Today's price range of $136.40 and $139.33 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Wynn Resorts Ltd may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Wynn Resorts Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada and in Macau, China. The Resorts feature guest rooms and suites, restaurants, a golf course, and an on-site luxury automotive dealership.

Wynn Resorts Ltd (NASDAQ:WYNN) has potential upside of 55.5% based on a current price of $136.40 and analysts' consensus price target of $212.12. The stock should discover initial support at its 50-day moving average (MA) of $123.00 and subsequent support at its 200-day MA of $119.56.

In the past 52 weeks, Wynn Resorts Ltd share prices have been bracketed by a low of $90.06 and a high of $197.68 and are now at $136.40, 51% above that low price. The 200-day and 50-day moving averages have moved 0.05% higher and 0.45% lower over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Wynn Resorts Ltd on June 10th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $115.63. Since that recommendation, shares of Wynn Resorts Ltd have risen 20.5%. We continue to monitor WYNN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle wynn resorts ltd

Ticker(s): WYNN