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

By Nick Russo

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. Today's price range of $15.51 and $15.77 is within yesterday'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.

Melco Crown Entertainment (NASDAQ:MPEL) has potential upside of 34.0% based on a current price of $15.63 and analysts' consensus price target of $20.94. The stock should find initial resistance at its 50-day moving average (MA) of $15.95 and further resistance at its 200-day MA of $16.75.

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

In the past 52 weeks, shares of Melco Crown Entertainment have traded between a low of $11.90 and a high of $45.70 and are now at $15.63, which is 31% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 0.4%.

SmarTrend recommended that subscribers consider buying shares of Melco Crown Entertainment on September 8th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $15.20. Since that recommendation, shares of Melco Crown Entertainment have risen 4.3%. We continue to monitor MPEL for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle melco crown entertainment

Ticker(s): MPEL