Stock in Focus: Melco Crown (MCP)

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The irregular triangle in Melco Crown (Philippines) Resorts Corp. (stock symbol: MCP) has broken a few days after my previous post. However, MCP found support just ahead of the 12.00 level and price turned around, only to find further selling ahead of the multi-month problematic area at 14.00.

Philippine Stock Exchange, Melco Crown Resorts_MCP Daily chart, June 17, 2014

MCP Daily chart, June 17, 2014

Recent price action showed selling has proved too much for bulls. MCP will create new 2014 lows if the highly-critical support at 12.00 will break. Bulls should make it awefully hard for bears to reach their near-term aim at the 8.00-10.00 area. Resistance remains at 13.00-15.00.

The Commodity Channel Index has entered the -200 region and this bodes badly for bulls.

TP’s Advice: Would-be buyers should stand aside for now.

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

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