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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Wynn Resorts (NASDAQ:WYNN) based on the price action in the company's shares. Today's price range of $102.20 and $103.72 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Over the past year, Wynn Resorts has traded in a range of $49.95 to $136.93 and is now at $103.22, 107% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has slid 0.2%.

Wynn Resorts (NASDAQ:WYNN) is currently priced 19.5% above its average consensus analyst price target of $83.06. The stock should discover initial support at its 50-day moving average (MA) of $91.00 and subsequent support at its 200-day MA of $76.19.

Wynn Resorts Limited owns and operates luxury hotels and destination casino resorts in Las Vegas, Nevada and in Macau, China. The resorts features guest rooms and suits, restaurants, golf courses, and on-site luxury automotive dealerships.

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

Keywords: bearish inside day candle wynn resorts

Ticker(s): WYNN