Morning Trend | SANDS CHINA approaches bottom support, will the weak market face divergence?

SANDS CHINA LTD (1928.HK) has recently seen a continuous decline in its stock price, with a clear death cross signal appearing on the technical front, indicating an overall bearish short-term trend. On the daily chart, the MACD indicator has turned negative, with the dual lines crossing below, and trading volume has also shrunk, reflecting a weakening of bullish confidence. From the candlestick perspective, the stock price is gradually approaching the support level of the phase bottom, with the 5-day and 10-day moving averages exerting pressure, and the current stock price is hovering in a technically weak range. On the fundamental side, while the Macau gaming industry has shown some improvement during the recovery period, factors such as overall weak consumer recovery, changes in policies, and fluctuations in the RMB exchange rate have dampened short-term capital participation willingness, leading major institutions to be relatively cautious. Recently, there have been no outstanding positive news, and rumors about adjustments to Macau's gaming tax rates have continued to ferment, exacerbating market concerns. In terms of sector correlation, large-cap gaming stocks have performed flat recently, with capital rotation mainly concentrated in the technology and new consumption sectors, and SANDS CHINA's intraday fluctuations have been limited. Historically, whenever this stock approaches the support near the bottom line, it often experiences divergent consolidation, and investor sentiment is at a critical point; any slight negative news could easily trigger a new round of declines. For the operational strategy, it is recommended to focus on the phase bottom support (such as several important low point areas formed since 2023). If it breaks below, decisive stop-loss measures should be taken; conversely, if a volume rebound occurs, there may be short-term trading opportunities for a technical recovery