Melco Crown Resorts & Entertainment (MLCO) is a leading developer and operator of casino gaming and resort facilities in Asia. The stock has been falling since March 3, 2021 when it traded as high as $23.65 a share. Since that high pivot, the shares have dropped sharply and currently trades around $17.71 a share. Traders should note that the stock is now trading below it’s important 200-day moving average. This is viewed as a sign of weakness and usually indicates further downside in the near term.
The next major level for Melco Crown Resorts & Entertainment (MLCO) will be around the $16.00 level. This important support area is where the stock broke out in early February 2021. Often, prior breakout levels will serve as excellent support when they get backtested. This support area is also a key retrace support level that will often help the stock get defended by the institutional crowd.
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