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 loss of confidence among bulls. 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 weak overall consumer recovery, changes in policies, and fluctuations in the RMB exchange rate have dampened short-term capital participation willingness, making major institutions relatively cautious. Recently, there have been no significant positive news, and even 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 recently performed flat overall, with capital rotation mainly concentrated in the technology and new consumption sectors, and SANDS CHINA LTD'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 in the short term, making it susceptible to a new round of declines with any negative news. 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 opportunities for a technical recovery