0027 Galaxy Entertainment group - HKEX classical Rectangle reversal . with volume squeezing on right side of the pattern , Breakout into stage 2
KW9A trade ideas
Galaxy Ent is facing bearish pressurePrices are approaching our resistance in line with our fibonacci confluence levels where we could see a reversal below this level. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.
Galaxy Ent is approaching support, potential bounce Price is approaching our support in line with our ascending trend line, 61.8% fibonacci retracement and 61.8% fibonacci extension where we could see a bounce above this level to our first resistance target.
Breakout imminentGalaxy Ent the biggest casino company has formed a huge Symmetrical triangle pattern that is going to breakout soon.
Patiently waiting breakout and volume for confirmation here.
Galaxy Ent is facing bullish pressure Price is facing bullish pressure where we could see a further upside here.
Galaxy Ent is facing bearish pressure Price is facing bearish pressure and a break below a our key support level at 54.80 would provide the bearish acceleration to our next support target.
Galaxy Entertainment Group Ltd (27 - HK) - ABC wave patternGalaxy Entertainment Group Ltd (27 - HK) is in ABC zigzag pattern in 60 min as well as out-performing HSI index. It has completed A five wave sequence followed by B zigzag wave correction and now moving in C wave up. In weekly time frame it completed WXY downside complex correction with overall strong outlook.
Bull scenario playing out. Casino's reopening. Free highwaysTravel to Macau is opening up.
VIP flow backed up.
Low coronavirus impact on Macau.
Onwards and upwards....
Let's see if the pent up demand flows through. Gamblers are gambler this is a low risk town to visit.
Slump to around 44.75 ... Macau on lockdown - CoronavirusPositive mood before China market opens from Chinese new year on Monday.
Only one way for Macau casinos. No foot traffic = no revenue!
False market inflated by weak buyers.
Coronavirus no end in sight, we have just begun....
#this is not mean to be stock advice and is my own independent analysis. I do have an open short position at the time of writing.
Corona Virus Impact on Casino's in Macau - No China VisasExpect to breakdown to the 1000MA.
Cities on lockdown.
Waiting for the sentiment jolt from the China market open (pushed back to next week from this friday).
Visitor numbers are materially lower prior to shutdown of travellers.
Can't see this recovering any time soon.
#this is not investment advice.
Galaxy Ent (Short)Trend : Bullish intact
Formation : Double Top + Rising Wedge (Bearish Combination TA)
RSI : Unhealthy
Resistance at : ~ 62
TP 1 :60.5
TP 2 : 58
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Quotes "The key to trading success is emotional discipline"
Galaxy Breakout (60 day high / 20 day low)Buy on break out above 60 day high.
Sell on break out below 20 day low.
