Macau’s gambling industry could be one of the most benefited sector, as coronavirus vaccine breakthrough has fueled optimism on a recovery in travel and tourism.
Oxford University and AstraZeneca’s coronavirus vaccine shows a strong immune response in adults in their 60s and 70s, following promising data from Pfizer’s and Moderna’s vaccine.
Meanwhile, Macau’s government data showed that 3Q visitor arrivals jumped to 750,200 from 49,700 in 2Q, boosted by relaxed restrictions for mainland travelers. On the other hand, decline in casino revenue narrowed to 72.5% year-on-year in October from 90.0% in September, improving for a four straight month and the smallest decline since January.
On a daily chart, major Macau casino stock Sands China (1928.hk) has potentially formed a bullish island reversal pattern. The level at $30.00 might be considered as the nearest support level, while the 1st and 2nd resistance are expected to be located at $38.00 and $41.00 respectively.
Source: GAIN Capital, TradingView