Wynn Resorts Close to 50 Day Moving Average

Published on Thursday, 22 July 2010 06:04 Written by Christopher Lynn

New York, July 22nd (TradersHuddle.com) - Shares of Wynn Resorts Limited (NASDAQ:WYNN) closed the trading day at $81.96 close to its 50 day moving average currently set at $81.37. Wynn's price action is just above this important support level translating into a trading opportunity.

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.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $77.37 and calculated resistance at $84.00. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Wynn Resorts will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.