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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish 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 $103.03 and $105.00 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. Traders and investors interested in shares of Wynn Resorts Ltd may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

In the past 52 weeks, shares of Wynn Resorts Ltd have traded between a low of $90.06 and a high of $197.68 and closed yesterday at $104.42, which is 16% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.8%.

There is potential upside of 103.1% for shares of Wynn Resorts Ltd based on a current price of $104.42 and an average consensus analyst price target of $212.12. The stock should run into initial resistance at its 50-day moving average (MA) of $110.64 and subsequent resistance at its 200-day MA of $121.24.

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: bullish am inside day candle wynn resorts ltd

Ticker(s): WYNN