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

By Nick Russo

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 $117.70 and $118.46 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.

There is potential upside of 79.1% for shares of Wynn Resorts Ltd based on a current price of $118.46 and an average consensus analyst price target of $212.12. The stock should run into initial resistance at its 50-day moving average (MA) of $120.79 and subsequent resistance at its 200-day MA of $130.42.

In the past 52 weeks, Wynn Resorts Ltd share prices have been bracketed by a low of $90.06 and a high of $203.63 and are now at $118.46, 32% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.5% while the 200-day MA has slid 0.9%.

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.

SmarTrend is monitoring the recent change of momentum in Wynn Resorts Ltd. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Wynn Resorts Ltd in search of a potential trend change.

Keywords: bearish inside day candle wynn resorts ltd

Ticker(s): WYNN