The Star Entertainment (SGR.AX)
Trading: BUY @ $4.89
Signal Strength: STRONG
Indicator CAN 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 Bull Belt-Hold reversal pattern.
Bullish Belt Hold is a single candlestick pattern basically a White Opening Marubozu that occurs in a downtrend. It opens on the low of the day and then a rally begins during the day against the overall trend of the market which eventually stops with a close near the high leaving a small shadow on top of the candle. If longer bodies characterize the Belt Hold then the resistance they offer against the trend will be even much stronger.
Calculation: Bull Belt-Hold Candlestick Pattern:
1) The market is characterized by a prevailing downtrend;
2) The market gaps down and opens at its low and closes near to the high of the day;
3) A long white body that has no lower shadow (a White Opening Marubozu) is observed;
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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