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

Published on Wed, 01/09/2013 - 08:28
By Mallory Stone

Analyzing the price chart for Melco Crown Entertainment (NASDAQ:MPEL) has revealed a potential bearish inside day candle pattern. Yesterday's price range of $18.79 and $19.24 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.

Melco Crown Entertainment (NASDAQ:MPEL) is currently priced 4.2% above its average consensus analyst price target of $18.30. The stock should find initial support at its 50-day moving average (MA) of $15.55 and further support at its 200-day MA of $13.22.

Melco Crown Entertainment share prices have moved between a 52-week high of $19.28 and a 52-week low of $7.05 and closed yesterday at 171% above that low price at $19.10 per share. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 1.9%.

By Mallory Stone