Genting Singapore: Trend Reversal!

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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.

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SPH: At Critical Support

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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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Courage Marine: Finding a Good Support

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Courage Marine looks like finding a good support at between $0.18 to $0.185. This is the 50% Fibonacci Retracement Level and this has been proven very reliable for the past one year after tested 5 times. The company also started to turn around to make profit last quarter but the share price does not move much. The company has stong balance sheet with Current Ratio at about 10 and generating positive cash flow from its operation. Technically this level (between $0.18 to $0.185) is a safe entry level but not for short term trade.

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