Melco Resorts & Entertainment (MLCO) saw a welcome improvement to its Relative Strength (RS) Rating on Friday, rising from 87 to 91.
This unique rating tracks technical performance by using a 1 (worst) to 99 (best) score that shows how a stock's price performance over the last 52 weeks matches up against the rest of the market.
Over 100 years of market history shows that the stocks that go on to make the biggest gains often have an RS Rating north of 80 in the early stages of their moves.
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Melco Resorts & Entertainment has climbed more than 5% past a 23.35 entry in a second-stage cup with handle, meaning it's now out of a proper buy range. Look for the stock to offer a new buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week line.
Melco Resorts & Entertainment reported 138% earnings growth in the latest quarterly report. Revenue increased 19%.
Melco Resorts & Entertainment holds the No. 8 rank among its peers in the Leisure-Gaming/Equipment industry group. Monarch Casino & Resort (MCRI), Boyd Gaming (BYD) and Wynn Resorts (WYNN) are among the top 5 highly rated stocks within the group.
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