Genting SP breaks the 50% Fibonacci support at $1.595 today with a gap down. If this gap is not refilled in the next few days, Genting SP will continue the down trend and heading towards the next support of $1.50 (the gap which formed in August 2010) followed by $1.417 (38.2% FR).
Genting SP gapped down last Friday and is currently testing the 61.8% Fibonacci Support at about $1.78. If this support is broken, Genting SP may face fierce sell off because there are no significant supports at sight. The stock is currently trading below 20D, 50D, 100D and 200D MA.
The selling off is bloody.. the US GDP and Job Data are lousy!
China last PMI shows China’s economy is contracting.
Debts in Europe and US are still not solved yet…. only prolong the pain …
For those who know how to short in the bearish market, they will make a lot of money if they know how to short. I am searching for stocks with high PE ratio to short because it has more downside potential (YES! I use downside “potential” now instead of downside risk”). Feel free to contribute your shorting list here…
My Shorting Watchlist