Buy signal on weekly chart for $MSGE
Madison Square Gardens Entertainment has upcoming earnings on August 19th. With the data provided by AXP travel & entertainment spending are up as spending has shifted from goods to experiences, entertainment, and services. This is exemplified in what retailers are reporting. And I think this will be positive for MSGE .
Currently, the middle and upper classes are doing fairly well while the lower class is suffering from the regressive tax of inflation , which is unfortunate. Those with disposable income and better economic situations are more likely to be MSGE customers boding for a good quarter and less risk from demand destruction.
MSGE is trading above its 52-week lows at 0.5629 its book value, providing tremendous value and a good risk-reward ratio. Its EBITDA and EBIT have gone from negative previously to positive in the past two quarters. Gross profit has turned positive for the past 4 quarters and net income has been improving over the past 3 quarters.
Anytime the K% crosses the D% on the Stoch RSI around the level of 1.73, MSGE goes for a decent rally. If you average the two past rallies ( MSGE has a short trading history) from the week the bullish Stoch RSI cross happened to a relative peak, it's a 59.47% move that could be implied over the next 6-12 months. It has significant resistance at the $68.06 level.
It recently broke out through a downtrend line that started in mid-April. It is still in a downtrend, but it seems the prudent thing to do would be to create 1/3 to 1/4 of a full position in the stock now and buy the next tranche upon a higher low or higher high. I have a price target of $81 on it by the end of the year. That's roughly 40% upside from here. The highest PT on the street for MSGE is $100, the lowest is $63, and the average is $82.83.
Currently, the middle and upper classes are doing fairly well while the lower class is suffering from the regressive tax of inflation , which is unfortunate. Those with disposable income and better economic situations are more likely to be MSGE customers boding for a good quarter and less risk from demand destruction.
MSGE is trading above its 52-week lows at 0.5629 its book value, providing tremendous value and a good risk-reward ratio. Its EBITDA and EBIT have gone from negative previously to positive in the past two quarters. Gross profit has turned positive for the past 4 quarters and net income has been improving over the past 3 quarters.
Anytime the K% crosses the D% on the Stoch RSI around the level of 1.73, MSGE goes for a decent rally. If you average the two past rallies ( MSGE has a short trading history) from the week the bullish Stoch RSI cross happened to a relative peak, it's a 59.47% move that could be implied over the next 6-12 months. It has significant resistance at the $68.06 level.
It recently broke out through a downtrend line that started in mid-April. It is still in a downtrend, but it seems the prudent thing to do would be to create 1/3 to 1/4 of a full position in the stock now and buy the next tranche upon a higher low or higher high. I have a price target of $81 on it by the end of the year. That's roughly 40% upside from here. The highest PT on the street for MSGE is $100, the lowest is $63, and the average is $82.83.
Trade active:
This thing has legs. Sometimes you want to wait for a stock to show up before you start making your position
Trade active:
She's just getting started