CROWN RESORTS (CWN:AX) HOLD: Better than Feared

25 August 2020




Technical Summary: CWN is approaching a critical juncture. The stock is quickly approaching an area of historical support. From a buy and hold perspective there is little reason to own the stock at the moment as the stock has been trekking sideways. The only way to trade it would be from a mean reversion perspective trying to buy at areas of support. This would however be a dangerous game and may involve a bit of knife catching as the stock careens to its support. For the stock to become buyable from a trend perspective we would like to see a massive dry up in volatility. The stock to form a sound base before breaking on the upside. At the moment there is not much for anyone to do here.

CWN chart shows the stock has the primary support at $8.58. At the current level of $9.80 it appears that the stock will hold at $9.26 that is serving as the key support for now.

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