Sands China (1928.hk): Rebound on Economic Reopening Optimism
George Lam June 9, 2020 12:13 PM
Sands China's (1928.hk) share price is gathering upside momentum, amid economic reopening optimism...
Sands China (1928.hk), a major casino operator in Macau, was among one of the companies most hardly hit by the coronavirus. However, optimism is growing as the health crisis eases and it is reported that the Macau's government is actively facilitating a border reopen between Macau and Guangdong province.
Meanwhile, Morgan Stanley said it expects Macau casinos to rally in the near term, as gross gaming revenue bottomed in April and the recovery is ongoing.
From a technical point of view, Sands China (1928.hk) is gathering upside momentum as shown on the daily chart. It has broken above a symmetrical triangle pattern with a bullish gap. Bullish investors might consider $29.35 as the nearest support level, with prices likely to test the 1st and 2nd resistance at $35.40 and $38.00 respectively. Alternatively, a break below $29.35 may trigger a return to the next support at $26.50 on the downside.
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