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.
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!