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
Genting Singapore is trading on the down trend base on the current chart. Genting Singapore is trading below 20D, 50D and 200D MA. Also take note that Genting SP failed to break the 20D MA resistance and turned down. Currently the stock is just sitting on the $1.87 support. Breaking this support may send the stock down to 61.8% Fibonacci support of about $1.78.
