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.
Tag: Melco Crown Entertainment Ltd
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 the Chikou Span cutting the price level.
