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Caesars Entertainment, Inc. (CZR) operates more than 50 hotel and casino properties in the United States, making it a major player in the industry. The company is publicly traded on the NASDAQ exchange under the ticker symbol CZR. As with any hospitality company, its stock price can be subject to volatility, presenting opportunities for investors to profit from price fluctuations.

Our article will analyze the recent movements of Caesars Entertainment, Inc.’s (CZR) stock price by utilizing Elliott Wave Theory on the daily chart. Through this approach, we aim to provide a comprehensive overview of the current price action to help investors make informed decisions. Despite being trapped in a sideways range since last summer, CZR investors should recognize that bottoming out can be a time-consuming process, especially after the stock has experienced a more than 70% decline in the past year. However, since hitting a low of 31.31 in October 2022, the stock has managed to surge by 80%, with the price action unfolding as follows:

CZR initially rallied within an impulsive 5-wave structure in wave ((1)), followed by a 3-wave pullback in wave ((2)). The stock then went on to achieve a new high last month, breaking above the peak from December, which has opened up a bullish sequence from its October low. Based on the bullish structure, CZR’s short-term pullback is more likely to find support at the 50%-61.8% Fibonacci retracement levels (48.21-46.2). If the stock stays above its December low of 39.7 and buyers show up as expected, the next daily rally will ideally take the stock toward an initial target of 63.16 and a potential extension toward 77.72.

Caesars entertainment (CZR) Elliott Wave daily chart

CZR

To conclude, Caesars Entertainment’s stock (CZR) has displayed a promising trend recently, indicating potential for future growth in the near term. Although the stock has experienced significant declines in the past year, the current Elliott wave structure suggests that it may find support and potentially increase in value, leading to a positive upward trend. However, investors must conduct their due diligence, evaluate risks and rewards, and carefully consider all relevant factors before making any investment decisions.

Source: https://www.fxstreet.com/news/caesars-entertainment-czr-shows-resilience-amid-market-volatility-202302201036