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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Melco Crown Entertainment (NASDAQ:MPEL) based on the price action in the company's shares. Yesterday's price range of $15.48 and $16.00 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.

Over the past year, Melco Crown Entertainment has traded in a range of $11.90 to $45.70 and closed yesterday at $15.79, 33% above that low. The 200-day and 50-day moving averages have moved 0.66% lower and 0.4% lower over the past week, respectively.

Melco Crown Entertainment. Ltd. develops, owns and operates casino gaming and entertainment resort facilities.

Melco Crown Entertainment (NASDAQ:MPEL) has potential upside of 32.6% based on a current price of $15.79 and analysts' consensus price target of $20.94. The stock should run into initial resistance at its 50-day moving average (MA) of $15.95 and subsequent resistance at its 200-day MA of $16.75.

SmarTrend is monitoring the recent change of momentum in Melco Crown Entertainment. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Melco Crown Entertainment in search of a potential trend change.

Keywords: bearish am inside day candle melco crown entertainment

Ticker(s): MPEL