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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 $83.89 and $85.77 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.

In the past 52 weeks, Wynn Resorts Ltd share prices have been bracketed by a low of $35.84 and a high of $153.41 and are now at $84.39, 135% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 1.2% while the 50-day MA has declined 4.7%.

Wynn Resorts Ltd (NASDAQ:WYNN) has potential upside of 151.4% based on a current price of $84.39 and analysts' consensus price target of $212.12. The stock should find resistance at its 200-day moving average (MA) of $110.13, as well as support at its 50-day MA of $73.70.

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 tracking the current trend status for Wynn Resorts Ltd and will alert subscribers who have WYNN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle wynn resorts ltd

Ticker(s): WYNN