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

By James Quinn

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. Yesterday's price range of $94.53 and $96.20 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 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Wynn Resorts share prices have moved between a 52-week high of $136.93 and a 52-week low of $49.95 and closed yesterday at 91% above that low price at $95.17 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 (NASDAQ:WYNN) is currently priced 12.7% 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 tracking the current trend status for Wynn Resorts and will alert subscribers who have WYNN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle wynn resorts

Ticker(s): WYNN