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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 $189.35 and $191.75 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 2.9% for shares of Wynn Resorts Ltd based on a current price of $190.15 and an average consensus analyst price target of $195.71. Wynn Resorts Ltd shares have support at the 50-day moving average (MA) of $91.00 and additional support at the 200-day MA of $76.19.

Wynn Resorts Ltd share prices have moved between a 52-week high of $203.63 and a 52-week low of $82.51 and are now trading 130% above that low price at $190.15 per share. The 200-day and 50-day moving averages have moved 0.24% lower and 1.19% higher over the past week, respectively.

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