Long Position on MLCO @ $11.75 on 12/16/2022 (Momentum)

Melco Resorts & Entertainment Limited (MLCO) develops, owns, and operates casino gaming and resort facilities in Asia and Europe. 

It owns and operates City of Dreams, an integrated casino resort that has approximately 511 gaming tables and 572 gaming machines; approximately 770 rooms, and suites and villas; approximately 25 restaurants and bars, and 165 retail outlets; and health and fitness clubs, three swimming pools, spa and salons, and banquet and meeting facilities.

The company also operates Altira Macau, a casino hotel, which has approximately 101 gaming tables and 121 gaming machines; 230 hotel rooms; various dining and casual restaurants, and recreation and leisure facilities; and various non-gaming amenities comprising a spa, gymnasium, outdoor garden podium, and sky terrace lounge.

In addition, it operates Studio City, a cinematically themed integrated resort with gaming facilities, hotel, entertainment, retail, and food and beverage outlets that comprises 290 gaming tables and 645 gaming machines in Cotai, Macau. Further, the company owns and operates seven Mocha Clubs with 813 gaming machines, as well as Grand Dragon casino in Taipa Island, Macau.

Shares have formed a bullish "cup and handle" following its latest quarterly report. Higher share prices are expected.

Entry Point: $11.75

Stop Loss: $11.00

Trading Range: $4.06 to $12.18

Target Price: $13.50

Position closed on 12/23/2022 at price of $11.00 with a -6.38% loss in 7 days.

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