Genting Singapore: Trend Reversal!
Genting Singapore shows a Bearish Engulfing candlestick pattern today. This is a trend reversal pattern after the recent uptrend.
Key level to watch:
- Whether Genting Singapore is still able to trade within this short term up trend channel, ie the channel support is not broken.
- Whether Genting Singapore can bounce back when the stock reaches the 61.8% Fibonacci Retracement Level at about $1.126.
SPH: At Critical Support
SPH is just sitting above a critical support at $3.73 currently. This resistance turned support is also a 78.6% Fibonacci Retracement Level and also 200D MA.
- If this support is strong, upside potential is 11.5%. (from $3.73 to $4.16)
- If SPH breaks down this support level, the stock price may go to $3.392 (61.8% Fibonacci Retracement Level). Short term downside risk is 9.1%. However, breaking all three MA is never a good thing because the stock chart is bearish.
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