Each week, I’ll give an overview of a stock and Licia Leslie will follow that up with a chart analysis the next day. Bill Griffo will chime in with macro analysis and Andrew Giovinazzi will then finish out the week with a volatility breakdown.

Have a stock YOU want us to review? Email my team here. – Mark

Hey Traders,

Melco Resorts and Entertainment (Ticker: MLCO) has been in a down trend for over five years trading down to a low of $4.06.

It bounced from there to $14 and then back down to $7.00:

This area provides support on my pitchfork but it is consolidating here which usually means it is gearing up for its next leg lower.

I would not go long MLCO until it clears $7.80.

If it begins to close below $7.00 then it is heading back to $4.00.

Trade Accordingly

Licia Leslie