Beware! Genting Singapore may start down trend!

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Genting Singapore has been trading below the $2.00 psychological resistance for the last few days. In addition, Genting SP is trading below the 200D MA for the 1st time after 1 year. The stock is currently testing the 200D MA resistance. Failing to break above the $2.00 and 200D MA resistance may trigger a down trend for Genting Singapore. Also take note that 20D MA has crossed down 50D MA and will be crossing down the 200D MA soon. Shortie will love this chart pattern!  🙂 Feel free to share your view here!

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COSCO: Double Tops Formation

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COSCO Corp is forming a Double Tops chart pattern which is a trend reversal chart pattern. The neckline is at about $1.86 which is the 61.8% Fibonacci Support Level. Breaking below this neckline will confirm the Double Tops formation and will send Cosco share price down to target price of $1.32.

Please also take note that COSCO has broken the 200D MA support and will be retesting this 200D MA. If this 200D MA support turned into resistance, COSCO will start the down trend and head towards the neckline.

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OCBC Bank: Good Entry Now

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OCBC Bank is forming an Ascending Triangle and currently bounced back from the Triangle support at about $9.30 which is also the 200D MA support.  Current OCBC stock chart looks like going to move above all the 3 Moving Averages and heading towards the potential breakout of this triangle chart pattern. MACD is heading towards a bullish convergence region too. Breakout target price is about $10.20.  Current level looks like an attractive entry level to ride on the short term bull trend for OCBC Bank.

However, current chart pattern will not be valid if OCBC breaks below the 200D MA support.

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