Someone requested for this chart.
A quick glance at the weekly chart tells me that it has been on a downtrend since 2007. It took 10 years for it to breakout of the bearish trend. A 4 dollars stock is now worth below a dollar. That itself rings a bell!
Based on my limited understanding, unlike SG, there is not many bricks and mortar shops that "promotes" sports betting in China. My stay in Shanghai, GZ and a few other cities reveal the same patterns. Things may have changed now, I don't know.
Friends there tell me they love to buy stocks as a quick way to make money. The more wealthier ones will buy properties and flip. Of course, there is a gambling culture in China and you can see that in the casinos.
Read some of the earlier articles( here, here and here ) and you will know who are the high rollers !
Back to the chart - even after breakout from the bearish trend, it takes another 3 years of consolidation before we see a decent shoot up in Feb 2021. Now, it is facing some resistance at 0.96. If it can breaks up with strong buying momentum, then it may continue to rise higher.
However, if the recent rise has been overbought without substantial backup from sales or growth stories, then we can possibly see a pullback soon. This may tumble the price and let it hoover around the resistance level.
At best, this is a speculative stock that I would consider but if I have to choose one, it would be 500.com (WBAI). Compare the chart and you would see both businesses share similar chart patterns and identical 90 degree breakout. Of course, 500.com recent acquisition along with BTCUSD hitting above 50k could be a factor as well.
I hope this helps in some way.....
A quick glance at the weekly chart tells me that it has been on a downtrend since 2007. It took 10 years for it to breakout of the bearish trend. A 4 dollars stock is now worth below a dollar. That itself rings a bell!
Based on my limited understanding, unlike SG, there is not many bricks and mortar shops that "promotes" sports betting in China. My stay in Shanghai, GZ and a few other cities reveal the same patterns. Things may have changed now, I don't know.
Friends there tell me they love to buy stocks as a quick way to make money. The more wealthier ones will buy properties and flip. Of course, there is a gambling culture in China and you can see that in the casinos.
Read some of the earlier articles( here, here and here ) and you will know who are the high rollers !
Back to the chart - even after breakout from the bearish trend, it takes another 3 years of consolidation before we see a decent shoot up in Feb 2021. Now, it is facing some resistance at 0.96. If it can breaks up with strong buying momentum, then it may continue to rise higher.
However, if the recent rise has been overbought without substantial backup from sales or growth stories, then we can possibly see a pullback soon. This may tumble the price and let it hoover around the resistance level.
At best, this is a speculative stock that I would consider but if I have to choose one, it would be 500.com (WBAI). Compare the chart and you would see both businesses share similar chart patterns and identical 90 degree breakout. Of course, 500.com recent acquisition along with BTCUSD hitting above 50k could be a factor as well.
I hope this helps in some way.....