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Shares of Wynn Resorts Are Moving Lower on 1.3x Above-Average Volume (WYNN)

Published on Fri, 04/05/2013 - 13:14
By Peter Chu

The price of Wynn Resorts shares has slipped to $117.25 (a 1.3% change) on heavy trading volume. Today's volume of 1.4 million shares tops the average 30-day volume of 1.1 million shares. Spikes in volume can validate a breakout or signify a potential turning point.

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 has overhead space with shares priced $117.25, or 15.8% below the average consensus analyst price target of $139.31. The stock should hit resistance at its 50-day moving average (MA) of $120.94, as well as support at its 200-day MA of $111.67.

Over the past year, Wynn Resorts has traded in a range of $90.11 to $172.58 and is now at $117.25, 30% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.4% while the 50-day MA has declined 0.2%.

By Peter Chu