One of the noteworthy developments in recent days has been the move in gaming stocks. The group attracted strong buying support in recent days following reports that Macau gaming revenue soared 27.6% in April, beat the 21% consensus analyst estimate, according to the Gaming Inspection and Coordination Bureau. The VanEck Vectors Gaming ETF (BJK) jumped 1.5 percent last week to 48.45, bringing its YTD gain up to nearly 4 percent, outperformed the S&P. Now the question is whether the rally has more legs? Below is an update look at a trade in BJK.
The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red.
Chart 1.1 – VanEck Vectors Gaming ETF (weekly)
Our “U.S. Market Trading Map” painted BJK bars in green (buy) – see area ‘A’ in the chart. BJK has been on a tear in recent days after the early 2018 correction founds support near the 4-year moving average. The April rally pushed the ETF above the 20-week moving average, clearing an important hurdle…Click here to read more.
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