Hotel and casino operator Caesars Entertainment (CZR) has soared back up the rankings in the SIA S&P 500 Index Report over the last month. Starting near the bottom of the red zone, where it spent most of the last year, the shares have climbed back up into the Green Favored Zone for the first time since November of 2021. Yesterday, CZR finished in 56th place, up 59 positions on the day and up 426 spots in the last month.
With a breakaway gap yesterday confirming the recent breakout over $50.00 and taking out the June high to complete a bullish Ascending Triangle base, the start of a new uptrend in Caesars Entertainment (CZR) shares has been confirmed. In the last month, the distribution trend that had prevailed for the last year has flipped to an accumulation trend with a new uptrend of higher lows emerging and the previous downtrend line being snapped.
Next potential resistance appears in the $65.00 to $72.50 zone where previous highs/lows and a measured move from the triangle base converge. Initial support appears near the $50.00 round number, then an uptrend line closer to $45.00.
A new recovery trend has commenced in Caesars Entertainment (CZR) shares. Since bottoming out last month, CZR has bounced back strongly, first establishing a higher low, then launching into a bullish High Pole that has completed bullish Double Top, Spread Double Top, and Spread Triple Top patterns along the way.
Potential upside resistance tests appear near $64.30, then $71.00 based on previous column lows. Initial downside support appears near $49.70 based on a 3-box reversal.
With a perfect SMAX score of 10, CZR is exhibiting strength across the asset classes.
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