Since topping our around $16 in February, Crown has really struggled and is presently trading near $11.
Macau continues to weigh on the stock, while pressure on VIP remains.
The Melco JV has been the primary cause of volatility and caution prevails regarding Macau because of China’s macroeconomic environment.
Technically, we’re seeing everything that we want; the EMAs are in a bearish configuration, momentum is to the downside, the stock is only approaching oversold levels and the recent massive reversal provides our price action signal.
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