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Wynn Resorts Bearish Moving Average Crossover Alert (WYNN)

Published on Wed, 04/03/2013 - 11:12
By Adrienne Chilton

Wynn Resorts (NASDAQ:WYNN) crossed under its 10-day moving average of $122.76 on a volume of 415K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, Wynn Resorts share prices have been bracketed by a low of $90.11 and a high of $172.58 and are now at $120.21, 33% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

Potential upside of 15.9% exists for Wynn Resorts, based on a current level of $120.21 and analysts' average consensus price target of $139.31. The stock should hit resistance at its 50-day moving average (MA) of $121.12, as well as support at its 200-day MA of $111.48.

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.

By Adrienne Chilton
achilton@fnno.com

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