The Star Entertainment Group Limited (ASX: SGR) is an Australian company engaged in providing gaming, entertainment and hospitality services. It operates- The Star Sydney (Sydney), The Star Gold Coast (Gold Coast) and Treasury Brisbane (Brisbane). As per the previous recommendation on SGR as on 29 August 2022, a ‘Speculative Buy’ rating was given on the stock at AUD 2.830 and noted below are the details of support and resistance provided in the previous report.

Recommendation Summary as on August 29, 2022:

SGR’s Daily Chart

Considering the recent regulatory action related to cancellation of its casino license in Queensland, current trading levels and risks associated, it is prudent to exit at the current levels. Hence, a ‘Sell’ recommendation is given on the stock at the closing market price of AUD 2.910 as on October 21, 2022, up ~0.344%.

Note: This report may be updated with details around fundamental and technical analysis, price/ chart in due course, as appropriate. 

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is October 21, 2022. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and downtrend may take a pause backed by demand or buying interest.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and uptrend may take a pause due to profit booking or selling interest.

Stop-loss: In general, it is a level to protect further losses in case of any unfavourable movement in the stock prices.

Disclaimer

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