Melco Resorts Holds the LowsMacau gambling giant Melco Resorts & Entertainment surged last winter as China reopened from coronavirus lockdowns. It’s consolidated since, and now some traders may see potential for more upside.
The first pattern on today’s chart is the December 7 close of $10.40. MLCO remained above that level over the next five months. Prices touched support on May 24, followed by another probe on Friday. Testing and successfully retesting that level could make some traders think downside is limited.
Next, stochastics are rebounding from an oversold condition.
Finally, the 50-day simple moving average (SMA) is above the 200-day SMA. Also notice how the 200-day SMA is still rising. Those patterns may reflect a longer-term uptrend.
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