Stock in Focus: Melco Crown (MCP)

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Melco Crown (Philippines) Resorts Corp. (stock symbol: MCP) has come a long way since it printed a double bottom back in the second-third quarter of 2013. Today, it is at a critical crossroad that will test the resilience of the buyers.

MCP Daily chart, January 16, 2014

MCP Daily chart, January 16, 2014

 The Relative Strength Index (RSI) has maintained its stance above the 50 level so far.

From this point on, I would like to see a strong upward push through the 15 psychological level. For bulls to flourish, I’d also like to see this area become the near-term line in the sand. 15-18 is the wider critical area to keep an eye on.

Do you have MCP in your portfolio? Share your thoughts below!

 

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