Holders of Melco Crown (Philippines) Resorts Corp. (stock symbol: MCP) lost their golden opportunity to showcase their resilience a few months ago (see my first post). Sellers easily prevented them from even touching the 15 psychological level and have dominated ever since. Reaching the 11-month high at 14.46, posted on December and January, now looks like a daunting task.
The Detrended Price Oscillator (DPO) has stayed below the zero line for several days now.
A break of 12 looks imminent and is very critical. Bulls must prevent that from happening. Price action next week would confirm whether the break of the irregular triangle is complete.
Do you have MCP in your portfolio? Share your thoughts below!