wolfstreetswinger

$mlco - Lots to see in one chart

Long
NASDAQ:MLCO   MELCO RESORTS AND ENTERTAINMENT LTD
Theres a lot to like in this chart, first to note was the hammer posted tagging the 50dma on the third consecutive down day also came after a breakout and a dip back to breakout point. Some pattern play with falling wedge back into support which also looks like a swing trap. But all that said its the volume that got me interested on that third down day which can be read more clearly on the hour chart below. also to note a 20% decrease in the short float which tbh is quite low at 1%. Will look to play this back to around previous high if price can get through at least 0.10cent of previous days high.

1HR VIEW - With volume surge at eod .
Trade active: nice move today volumes still look decent should continue higher for now.
Comment: 1hr flag with volume could see to target, trim it with view to $33
Trade closed: target reached

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