Caesars Entertainment Inc - (CZR) - July 20, 2023
Benefitting from a resurgence in travel this summer which has also been seen by Airlines, Casino, Hotel and Resort operator Caesars Entertainment (CZR) has been climbing back up the ranks of the SIA S&P 500 Index Report lately. Over the last month, CZR has jumped 137 positions, including an upward move of 22 spots yesterday to 71st place, exiting the red zone and returning to the Green Favored Zone for the first time since March. A major breakout is underway in Caesars Entertainment (CZR) shares. Since bottoming out last September, CZR has been base building with a new uptrend of higher lows emerging below $55.00. Yesterday, Based on a combination of measured moves and previous support and resistance points, potential uptrend resistance may emerge near $70.00, then the $80.00 to $85.00 area. Initial support appears near the $50.00 round number.
With accumulation accelerating in Caesars Entertainment (CZR) this month following a bullish Double Top breakout, the shares have broken out of a bullish Ascending Triangle base that has been forming since October. The recent close above $56.00 has completed a bullish Spread Triple Top pattern and carries the shares to their highest level since May of 2022, confirming that a new recovery trend is underway.
Upside resistance tests currently appear near $68.22 based on a horizontal count, $71.00 based on previous column lows, and $75.30 based on the convergence of a round number with a vertical count. Initial support appears near $52.75 based on a 3-box reversal.
With a perfect SMAX score of 10, CZR has been exhibiting strength across the asset classes.
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