However, based on the MPEL current candlestick chart pattern which resemble the bullish mat hold, MPEL will be in the small correction mode for another 2 days, before it will convincingly lead another round of rally to push it above the $12 level.
Based on my knowledge and experience trading the NYSE and NASDAQ, I am very convinced that the current rally is not over yet. DJIA still have more room to grow. Over the long term, I believe that MPEL will continue its upward rise to test the resistance of $16 and will eventually surpass it and move to the new high. My prediction is not solely based on the technical analysis but fundamental as well. The casino business for MPEL in China continues to grow quarter over quarter and no one really knows how lond this growth may continue. As the whole China is a very big market and more people are getting richer and the chinese people really like to gamble and treat it as their favorite pass time. Until their is a concrete evidence pointing to a real slowdown in MPEL such as the decrease in the quarterly revenue, I believe that MPEL will continue its upward move to the next unseen level.
Disclosure: I am currently show hand in MPEL and have invested every single penny that I have in MPEL. I am also expecting at least a 10% profit for this stock in the coming future and no planning to cut my profit in the coming next 2 trades.