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Watch for Wynn Resorts to Potentially Pullback After Gaining 1.08% Yesterday
Jan 03, 2013 (SmarTrend(R) News Watch via COMTEX) --
Wynn Resorts (NASDAQ:WYNN) traded in a range yesterday that spanned from a low of $118.34 to a high of $121.06. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $119.02 on volume of 1.7 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, shares of Wynn Resorts have traded between a low of $90.11 and a high of $172.58 and are now at $119.34, which is 32% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.2%.
SmarTrend recommended that subscribers consider buying shares of Wynn Resorts on November 29th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $111.93. Since that recommendation, shares of Wynn Resorts have risen 5.5%. We continue to monitor WYNN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
Write to Chip Brian at cbrian@mysmartrend.com
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SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com
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