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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. Yesterday's price range of $129.82 and $133.99 is within the prior day'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.

In the past 52 weeks, Wynn Resorts Ltd share prices have been bracketed by a low of $82.51 and a high of $203.63 and closed yesterday at $133.49, 62% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 1.3%.

Wynn Resorts Ltd has overhead space with shares priced $133.49, or 37.1% below the average consensus analyst price target of $212.12. The stock should find initial resistance at its 50-day moving average (MA) of $152.34 and further resistance at its 200-day MA of $170.26.

SmarTrend recommended that its subscribers protect gains by selling shares of Wynn Resorts Ltd on June 5th, 2018 by issuing a Downtrend alert when the shares were trading at $179.68. Since that call, shares of Wynn Resorts Ltd have fallen 25.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle wynn resorts ltd

Ticker(s): WYNN