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

By Nick Russo

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 $83.60 and $85.77 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.

There is potential upside of 156.6% for shares of Wynn Resorts Ltd based on a current price of $82.67 and an average consensus analyst price target of $212.12. Wynn Resorts Ltd shares should encounter resistance at the 200-day moving average (MA) of $109.86 and support at the 50-day MA of $73.23.

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.

Over the past year, Wynn Resorts Ltd has traded in a range of $35.84 to $153.41 and closed yesterday at $82.67, 131% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 2.1% while the 200-day MA has slid 0.7%.

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 am inside day candle wynn resorts ltd

Ticker(s): WYNN