Galaxy Entertainment Group Limited Stock Forecast

Galaxy Entertainment Group Limited stock downgraded from Hold/Accumulate to Sell Candidate after Tuesday trading session.
(Updated on Apr 30, 2024)

0027.HK Signals & Forecast

A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 5.35%. Further rise is indicated until a new top pivot has been found. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Galaxy Entertainment Group Limited stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at HK$38.51. On a fall, the stock will find some support from the short-term average at HK$35.22. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss for Galaxy Entertainment Group Limited stock

Galaxy Entertainment Group Limited finds support from accumulated volume at HK$34.20 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved HK$1.25 between high and low, or 3.54%. For the last week, the stock has had daily average volatility of 3.58%.

Galaxy Entertainment Group Limited is oversold on RSI14 (23). Some stocks may drop long and hard while being oversold on RSI before turning, which increases the general risk.

Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.

Trading Expectations (0027.HK) For The Upcoming Trading Day Of Thursday 2nd

For the upcoming trading day on Thursday, 2nd we expect Galaxy Entertainment Group Limited to open at HK$35.80, and during the day (based on 14 day Average True Range), to move between HK$34.17 and HK$36.73, which gives a possible trading interval of +/-HK$1.28 (+/-3.61%) up or down from last closing price. If Galaxy Entertainment Group Limited takes out the full calculated possible swing range there will be an estimated 7.23% move between the lowest and the highest trading price during the day.

Since the stock is closer to the resistance from accumulated volume at HK$36.00 (1.55%) than the support at HK$34.20 (3.53%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.

Is Galaxy Entertainment Group Limited stock A Buy?

Galaxy Entertainment Group Limited holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -3.315 Sell Candidate Downgraded

Predicted Opening Price for Galaxy Entertainment Group Limited of Thursday, May 2, 2024

The predicted opening price is based on yesterday's movements between high, low, and closing price.