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

By James Quinn

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 $61.66 and $64.80 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 Ltd has overhead space with shares priced $69.07, or 67.4% below the average consensus analyst price target of $212.12. Wynn Resorts Ltd shares should first meet resistance at the 50-day moving average (MA) of $94.75 and find additional resistance at the 200-day MA of $115.86.

Wynn Resorts Ltd share prices have moved between a 52-week high of $153.41 and a 52-week low of $35.84 and closed yesterday at 93% above that low price at $69.07 per share. The 200-day and 50-day moving averages have moved 0.77% lower and 4% lower 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 am inside day candle wynn resorts ltd

Ticker(s): WYNN