Wynn Resorts Bearish Moving Average Crossover Alert (WYNN)

Published on Tue, 04/14/2015 - 11:14
By Peter Chu in Moving average crossovers, WYNN, moving crosses, nasdaq:wynn, wynn resorts

Today, shares of Wynn Resorts (NASDAQ:WYNN) have fallen below their 10-day MA of $130.36 on a volume of 1.5 million shares. Swing traders may find an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

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.

Wynn Resorts (NASDAQ:WYNN) has potential upside of 25.4% based on a current price of $128.64 and analysts' consensus price target of $161.33. The stock should find initial resistance at its 50-day moving average (MA) of $138.85 and further resistance at its 200-day MA of $170.04.

In the past 52 weeks, Wynn Resorts share prices have been bracketed by a low of $121.53 and a high of $222.33 and are now at $128.64, 6% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 0.8%.

By Peter Chu
pchu@fnno.com

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