Melco Crown Philippines Resort (MCP) last traded price as of 24 Feb 2016 reached 2.07 from the previous price action of 1.98.
At a quick glance using Ichimoku Kinko Hyo indicator:
With the current price, short term trend becomes bullish with the last candle which is sitting at the support around the Senkou Span A but weak since the baseline (red) is still below the conversion line (green). Other observations:
- Trend strength as per ADX is not convincing but may change with the last bullish candle.
- There is a strong support at 2.07, 2.05. 2.04, 2.01, 2.0 based on actual traded prices.
- In a daily chart, MACD line crosses above the signal line which makes it bullish in a short term but could be weak. Let’s observe first if the price action will point to resistance level near 2.38.
- Other signal is pointing upward but some other indicators are showing indecision which can be considered “range trade” unless it’s proven otherwise by “market makers”. The last price action shows volume of net foreign buy.
- Take note that midterm trend is still bearish.
What makes this chart interesting is the weekly chart, which will “make or break” in the future price action. Is there any catalyst? 🙂
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