Genting SP testing 50-day MA

Good day all,

I have a short post on Genting SP for today.

From the lows in 2010 to the highs made in 2010 and earlier this year, I have plotted fibonacci retracement levels. In this case, the 23.6% level acted as very good support for quite some time. Once price broke below strong support – and the 200-day MA was also broken – Genting kept making lower highs. From my last post on Genting SP, I found a large downward parallel channel. The sell-off last month did not spare Genting SP as well, and price dropped below the 38.2% retracement level and the parallel channel. For me, these are very bearish signs. I certainly will not be touting Genting SP as a buy, even though some people seem to like this hotly-traded counter very much.

One thing I can gather for the next 2 weeks is that Genting will be making a big move soon. Up or down? I will be leaning to downside since price is below the 50-day MA – a good guage for short-term outlooks. I do have a strong, general longer term downward-bias for Genting SP.

Some chartists may see recent price movement as a symmetrical triangle. For me, it is not a good enough one. But the volatility tells us that a big move should be coming up very soon. So let’s see how this goes.

All analyses, recommendations, discussions and other information herein are published for general information. Readers should not rely solely on the information published on this blog and should seek independent financial advice prior to making any investment decision. The publisher accepts no liability for any loss whatsoever arising from any use of the information published herein.

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