Crown Resorts Ltd(ASX:CWN) Trending Above Average

Crown Resorts Ltd(ASX:CWN) Trending Above Average

Crown Resorts Ltd(ASX:CWN) Trending Above Average

Overall, the bias in prices is: Downwards.

Short term: Prices are moving.

Intermediate term: Prices are trending.

Note: this chart shows extraordinary price action to the downside.

By the way, prices are vulnerable to a correction towards 12.89.

The projected upper bound is: 11.97.

The projected lower bound is: 10.24.

The projected closing price is: 11.11.

cwn-ax

Candlesticks

A big black candle occurred. This is bearish, as prices closed significantly lower than they opened. If the candle appears when prices are “high,” it may be the first sign of a top. If it occurs when prices are confronting an overhead resistance area (e.g., a moving average, trendline, or price resistance level), the long black candle adds credibility to the resistance. Similarly, if the candle appears as prices break below a support area, the long black candle confirms the failure of the support area.
During the past 10 bars, there have been 3 white candles and 6 black candles for a net of 3 black candles. During the past 50 bars, there have been 23 white candles and 24 black candles for a net of 1 black candles.

A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. There have been 4 falling windows in the last 50 candles–this makes the current falling window even more bearish.

Momentum Indicators

Momentum is a general term used to describe the speed at which prices move over a given time period. Generally, changes in momentum tend to lead to changes in prices. This expert shows the current values of four popular momentum indicators.

Stochastic Oscillator

One method of interpreting the Stochastic Oscillator is looking for overbought areas (above 80) and oversold areas (below 20). The Stochastic Oscillator is 5.4711. This is an oversold reading. However, a signal is not generated until the Oscillator crosses above 20 The last signal was a buy 11 period(s) ago.

Relative Strength Index (RSI)

The RSI shows overbought (above 70) and oversold (below 30) areas. The current value of the RSI is 13.73. This is where it usually bottoms. The RSI usually forms tops and bottoms before the underlying security. A buy or sell signal is generated when the RSI moves out of an overbought/oversold area. The last signal was a sell 42 period(s) ago.

Commodity Channel Index (CCI)

The CCI shows overbought (above 100) and oversold (below -100) areas. The current value of the CCI is -458.This is an oversold reading. However, a signal isn’t generated until the indicator crosses above -100. The last signal was a buy 13 period(s) ago.

MACD

The Moving Average Convergence/Divergence indicator (MACD) gives signals when it crosses its 9 period signal line. The last signal was a sell 3 period(s) ago.

Rex Takasugi – TD Profile

CROWN FPO closed down -1.800 at 11.150. Volume was 596% above average (trending) and Bollinger Bands were 64% wider than normal.

Open High Low Close Volume___
11.780 11.950 11.150 11.150 10,036,916

Technical Outlook
Short Term: Oversold
Intermediate Term: Bearish
Long Term: Bearish

Moving Averages: 10-period 50-period 200-period
Close: 12.91 13.28 12.42
Volatility: 85 45 38
Volume: 2,122,056 1,474,493 1,438,857

Short-term traders should pay closer attention to buy/sell arrows while intermediate/long-term traders should place greater emphasis on the Bullish or Bearish trend reflected in the lower ribbon.

Summary

CROWN FPO gapped down today (bearish) on heavy volume. Possibility of a Breakaway Gap which usually signifies the beginning of a major market move. Four types of price gaps exist – Common, Breakaway, Runaway, and Exhaustion. Gaps acts as support/resistance.
CROWN FPO is currently 10.2% below its 200-period moving average and is in an downward trend. Volatility is extremely high when compared to the average volatility over the last 10 periods. There is a good possibility that volatility will decrease and prices will stabilize in the near term. Our volume indicators reflect moderate flows of volume out of CWN.AX (mildly bearish). Our trend forecasting oscillators are currently bearish on CWN.AX and have had this outlook for the last 33 periods. Our momentum oscillator is currently indicating that CWN.AX is currently in an oversold condition.

Description

Crown Resorts Limited is an entertainment and gaming company with operations and investments in Australia, Asia, the United Kingdom and the United States. The Company has four operating segments, which include Crown Melbourne; Crown Perth; Crown Aspinall’s, and Wagering and Online. The Company owns and operates approximately two integrated resorts, including Crown Melbourne Entertainment Complex and Crown Perth Entertainment Complex. Crown Melbourne is an integrated resort, which has a casino, hotels, function rooms, restaurants, shopping and entertainment facilities. The Crown Perth is an integrated resort, which consists of a casino, international hotels, a convention center, and food and beverage outlets. Crown Aspinall’s is a London casino located in West End entertainment district. City of Dreams offers a range of entertainment options, accommodation, international dining and designer fashion brands. The Company also holds an interest in Melco Crown Entertainment Limited (MCE).
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