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Melco Crown Entertainment Ltd (MPEL) : Bearish Confirmation

MPEL gap down and open below the kumo support.

This is a very strong bearish signal after the initial Tenkan sen – Kijun sen bearish cross.

Melco Crown Entertainment Ltd (MPEL) : Watch the Tenkan sen

MPEL seems to continue to struggle to make a positive upside move.

It is currently trading very near the Tenkan sen.

Both the Tenkan sen and Kijun sen is flat now; suggesting that it is probably stabilising around this trading range.

Resistance is at 4.84 and Support is at 4.65. Very narrow range.

Melco Crown Entertainment Ltd (MPEL) : Watch the Support

As highlighted previously, MPEL has a bearish cross as indicated by the Tenkan sen and Kijun sen.

With the earnings released, the counter did not move up much despite a positive pre-market movement.

A key support to look for is now at around 4.62.

If it breaks this level, we have another bearish confirmation from the Chikou Span cutting the price level.