Possible Bearish Inside Day Candle Pattern Detected for Melco Crown Entertainment (NASDAQ:MPEL)

Published on Mon, 04/13/2015 - 07:41
By Peter Chu in Candlestick, MPEL, bearish am inside day candle, melco crown entertainment, nasdaq:mpel

Analyzing the price chart for Melco Crown Entertainment (NASDAQ:MPEL) has revealed a potential bearish inside day candle pattern. Yesterday's price range of $24.35 and $25.00 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Melco Crown Entertainment may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Melco Crown Entertainment. Ltd. develops, owns and operates casino gaming and entertainment resort facilities.

In the past 52 weeks, Melco Crown Entertainment share prices have been bracketed by a low of $12.74 and a high of $45.70 and closed yesterday at $24.65, 93% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has remained constant.

Potential upside of 13.2% exists for Melco Crown Entertainment, based on a current level of $24.65 and analysts' average consensus price target of $27.90. The stock should hit resistance at its 200-day moving average (MA) of $26.49, as well as support at its 50-day MA of $24.01.

By Peter Chu
pchu@fnno.com

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