A look at Wynn Resorts Ltd — Losing Bullish Bet?
Wynn Resorts Ltd ($WYNN) averages are at $163.36 (21 day SMA), $158.83 (50 day SMA), $134.80 (200 day SMA). Over the past 52 weeks WYNN has traded from a low of $105.57 to a high of $173.38. WYNN was last at $158.12 on a volume of 661,639. Average daily volume has been at 1,231,848.
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WYNN has been in an uptrend since July, trending in a series of higher highs and higher lows. The stock has been solidly above the 50-day moving average and walking along the steeper 20-day moving average. But over the past few weeks, WYNN has broken support and fallen to the 50-day moving average — something that hasn’t happened since June. After an unremarkable rally, the stock has fallen below the 50-day moving average.
Technical traders should watch the $162 level — the current reading of the 50-day moving average. Any retracement to that level just might provide a good shorting opportunity.
Wynn Resorts, Ltd is a developer, owner and operator of destination casino resorts. It owns and operates two destination casino resorts namely Wynn Las Vegas and Encore at Wynn Macau.
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