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.
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.
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… Continue reading Melco Crown Entertainment Ltd (MPEL) : Watch the Support