SmarTrend Watching for Potential Pullback in Shares of Melco Crown Entertainment After 5.41% Gain
Melco Crown Entertainment (NASDAQ:MPEL) traded in a range yesterday that spanned from a low of $12.11 to a high of $12.66. Yesterday, the shares gained 5.4%, which took the trading range above the 3-day high of $12.42 on volume of 4.0 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.
In the past 52 weeks, Melco Crown Entertainment share prices have been bracketed by a low of $11.90 and a high of $45.70 and are now at $12.61, 6% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 0.4%.
SmarTrend recommended that its subscribers protect gains by selling shares of Melco Crown Entertainment on April 25th, 2016 by issuing a Downtrend alert when the shares were trading at $15.04. Since that call, shares of Melco Crown Entertainment have fallen 20.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: rebounders melco crown entertainment