The Star Entertainment (SGR.AX)
BULLISH ENGULFING PATTERN
Trading: BUY @ $4.54
Signal Strength: STRONG
Indicator MUST BE USED in additional to another technical indicator to confirmation for trading position. Indicator can be applied to the short term timeframe but is only able to give and indication of the strength of the buyers versus sellers at the market close. This Japanese candlestick indicator can provide guidance on the short term battle between sellers and buyers from the companies recent trading.
The Star Entertainment (ASX:SGR) has formed a new Bullish Engulfing reversal pattern. This means, SGR has traded engulfed a previous small body black candle with a large white change exceeding the previous days trading range. This indicates that the bulls have taken control in the short term timeframe and highlights a potential trend change.
This pattern is characterized by a large white body engulfing a preceding smaller black body which appears during a downtrend. The white body does not necessarily engulf the shadows of the black body but totally engulfs the body itself. This is an important bottom reversal signal.
Calculation: Bullish Engulfing Candlestick Pattern:
1) The market is characterized by a prevailing downtrend;
2) A black body is observed on the first day;
3) The white body that is formed on the second day completely engulfs the black body of the preceding day;
PROFILE: The Star Entertainment (SGR.AX)
Stock Exchange: ASX
Company: The Star Entertainment
Ticker Codes: | SGR.AX | ASX:SGR |
The Star Entertainment Group Limited, an integrated resort company, provides gaming, entertainment, and hospitality services in Australia. The company operates through three segments: Sydney, Gold Coast, and Brisbane. It owns and operates The Star Sydney casino, which includes hotels, apartment complex, restaurants, and bars; The Star Gold Coast casino, which consists of hotel, theatre, restaurants, and bars; and Treasury casino in Brisbane that comprises hotel, restaurants, and bars. The company also manages the Gold Coast Convention and Exhibition Centre. The Star Entertainment Group Limited has a strategic partnership with Chow Tai Fook Enterprises Limited and Far East Consortium International Limited. The company was formerly known as Echo Entertainment Group Limited and changed its name to The Star Entertainment Group Limited in November 2015. The Star Entertainment Group Limited was incorporated in 2011 and is based in Brisbane, Australia.
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