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Shares of Wynn Resorts Under Pressure, Down 2.5%

Published on Tue, 02/19/2013 - 11:22
By Robert Cotter

Wynn Resorts (NASDAQ:WYNN) is one of today's biggest movers, down 2.5% to $119.88. The Dow Jones Industrial Average is now trading 0.4% higher to 14,033 and the S&P is trading 0.4% higher to 1,526.

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.

Potential upside of 16.4% exists for Wynn Resorts, based on a current level of $119.88 and analysts' average consensus price target of $139.50. The stock should find initial support at its 50-day moving average (MA) of $119.16 and further support at its 200-day MA of $109.95.

Over the past year, Wynn Resorts has traded in a range of $90.11 to $172.58 and is now at $119.88, 33% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.9% while the 200-day MA has slid 0.2%.

By Robert Cotter