Melco Resorts & Entertainment Ltd Stock Forecast
Melco Resorts & Entertainment Ltd stock price down 1.00% on Tuesday
(Updated on Jun 25, 2024)
The Melco Resorts & Entertainment Ltd stock price fell by -1.00% on the last day (Tuesday, 25th Jun 2024) from $7.98 to $7.90. During the last trading day the stock fluctuated 1.65% from a day low at $7.87 to a day high of $8.00. The price has been going up and down for this period, and there has been a -2.59% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -96 thousand shares and in total, 780 thousand shares were bought and sold for approximately $6.16 million.
The stock lies in the middle of a very wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 18.93% during the next 3 months and, with a 90% probability hold a price between $8.61 and $11.22 at the end of this 3-month period.
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MLCO Signals & Forecast
There are mixed signals in the stock today. The Melco Resorts & Entertainment Ltd stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $8.06. On a fall, the stock will find some support from the short-term average at $7.85. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. A sell signal was issued from a pivot top point on Monday, May 20, 2024, and so far it has fallen -10.73%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Support, Risk & Stop-loss for Melco Resorts & Entertainment Ltd stock
Melco Resorts & Entertainment Ltd finds support from accumulated volume at $7.84 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
In general the stock tends to have very controlled movements and with good liquidity the risk is considered very low in this stock. During the last day, the stock moved $0.130 between high and low, or 1.65%. For the last week the stock has had daily average volatility of 2.75%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (MLCO) For The Upcoming Trading Day Of Wednesday 26th
For the upcoming trading day on Wednesday, 26th we expect Melco Resorts & Entertainment Ltd to open at $7.92, and during the day (based on 14 day Average True Range), to move between $7.63 and $8.17, which gives a possible trading interval of +/-$0.269 (+/-3.40%) up or down from last closing price. If Melco Resorts & Entertainment Ltd takes out the full calculated possible swing range there will be an estimated 6.80% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $7.84 (0.76%) than the resistance at $8.02 (1.52%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Melco Resorts & Entertainment Ltd stock A Buy?
Melco Resorts & Entertainment Ltd holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock.
Current score: -3.214 Sell Candidate Unchanged
Predicted Opening Price for Melco Resorts & Entertainment Ltd of Wednesday, June 26, 2024
| Fair opening price June 26, 2024 | Current price |
|---|---|
| $7.92 ( 0.253%) | $7.90 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for MLCO
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.05 | 1.90% |
| R2 | 8.00 | 1.27% |
| R1 | 7.97 | 0.88% |
| Price | 7.90 | |
| S1 | 7.87 | -0.375% |
| S2 | 7.84 | -0.764% |
| S3 | 7.79 | -1.39% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.85 | 12.03% |
| R2 | 8.22 | 4.05% |
| R1 | 8.02 | 1.52% |
| Price | 7.90 | |
| S1 | 7.84 | -0.759% |
| S2 | 7.67 | -2.91% |
| S3 | 6.40 | -18.99% |
MLCO Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Feb 21, 2020 | Feb 28, 2020 | Mar 12, 2020 | $0.165 | 1.15% |
| 2 | Oct 30, 2019 | Nov 08, 2019 | Nov 22, 2019 | $0.165 | 0.762% |
| 3 | Jul 24, 2019 | Aug 02, 2019 | Aug 15, 2019 | $0.165 | 0.86% |
| 4 | May 08, 2019 | May 17, 2019 | May 30, 2019 | $0.155 | 0.785% |
| 5 | Feb 19, 2019 | Mar 01, 2019 | Mar 14, 2019 | $0.155 | 0.693% |
FAQ
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