crawfordpaul

MLCO is Holding a Historical Level

NASDAQ:MLCO   MELCO RESORTS AND ENTERTAINMENT LTD
NASDAQ:MLCO is currently at an important historical level. CCI broke -300 for the first time this year earlier this year. YTD breaks below -200 have resulted in quick thrashes to the upside followed by some consolidation (with the exception of COVID-19 drop, will address that). A break in 16.07 support will not be the end of the world for MLCO , with the drop below during the market sell-off we saw a new level at 15.03 act as support as 16.07 held as resistance. This level has been tested a few times and held it's own quite well. Noted on the CCI , with uncertainty in the market, we could either see a repeat of initial COVID-19 reactions of head fakes and retests of -100 before a move up or we could see Hospitality and Entertainment begin to step back up and MLCO making a quick move up with an break above -100 as it has done before.

Comments

That 16.07 line is nice support/resistance
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