MLCO closes lower for the 2nd day in a row
Moving lower for the 2nd day in a row, MLCO finished Thursday at 29.80 losing $0.11 (-0.37%). Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was $0.44 (1.47%), that's far below last trading month's daily average range of $0.79. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being above average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
After trading as low as 29.57 during the day, the market bounced off the key support level at 29.68. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move lower than 29.56 in the prior session, the share found buyers again around the same price level today at 29.57. After trading as low as 29.57 during the day, the stock found support at the 100-day moving average at 29.58.
Though Melco Resorts Ltd is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
Selling could speed up should prices move below the nearby swing low at 29.56 where further sell stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Melco Resorts & Entertainment Limited
|Down Close Near Low of Period||TQ Pro Members Only|
|Closed below last periods low||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Bullish Bounce off SMA 100||TQ Pro Members Only|
|Black Candle||TQ Pro Members Only|
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