Beware! Genting Singapore may start down trend!

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!

This Post Has 7 Comments

  1. Between $1.96 and $2.06 is a very strong consolidation area, representing a 425% and 450% from the lowest price of 0.375. $2 is a very strong resistance, confirmed by the 2 bottoms at 0.375 and 0.89. With a breakout of this range, the movement will be significant.

  2. Mike

    My take is Genting Spore is now trapped in between $1.76-$2.22 range. $2 is an area where shorts could build position. Stock looks vulnerable for shocks

  3. Roy

    One of the possible catalyst could be the sell down of shares by one of the Director’s recently on top of the financial penalties imposed by the authority. As of 3 June 2011, many traders (investor + speculators) are still holding on to the shares. Should there be a high volume sell-off could trigger the falls. I supposed Value investor are waiting for the great fall to make an entry.

  4. rutheun

    Genting SP now ~ $1.88 – $1.90. There is sign of increased interest (Vol)has increased for this stock for the last 3 days.

  5. anonymousinvester

    $1.72-$1.75 buy in possible?

  6. Mike

    My earlier view was for Genting to be trapped within the range 1.76 to 2.22. If I were to assume a very pessimistic scenario, a scenario that has a price target of $1.50/$1.28, there is now a fear that the price of $1.85 could become the top of the next trading range. Again this stock is vulnerable to shocks.

  7. Marubozu

    I have bearish view on Genting SP because I don’t see any positive catalyst to push the stock higher. I am monitoring to see whether Genting SP can stay above the 61.8% Fibonacci Support, else I foresee a further downside.

Leave a Reply