Wynn Resorts Closing in to Support?

Published on Tuesday, 31 January 2012 21:04 Written by Christopher Lynn

New York, January 31st (TradersHuddle.com) - Shares of Wynn Resorts Limited (NASDAQ:WYNN) ended close to calculated support at $112.16 with current price action placing the stock near levels that will raise attention of traders looking for an entry point.

Wynn's current stock range is defined by current calculated support defined at $112.16 and by the resistance level at $123.27, which could be used as a reference by traders planning their trades. The area defined as calculated support, is where buying might materialize, which could provide a lift to shares of Wynn Resorts Limited. However, this area if breached will signal participants that the stock failed to entice buyers to step in and support the stock.

Traders wanting to establish a position should pay close attention to Wynn's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $123.27 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.

Shares of Wynn Resorts Limited closed at $115.23 in the previous trading session.

Wynn Resorts Limited (NASDAQ:WYNN) 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.