Genting has broken the resistance at $1.30, gap up and closed the last trading day with a bullish marubozu candle due to much better earning than expected. Probably many of you will ask how high can Genting Singapore goes and what is the next resistance. Base on Fibonacci Retracement, the next resistance is $1.51 (123.6% Fibonacci Retracement Level), followed by $1.64 (138.2% Fibonacci Retracement Level). That is the beauty of Fibonacci as it can predict the next future resistance or support levels where there is no previous history to refer to. However, be cautious on trading Genting as the chart shows Parabolic Curve again! It happens before and it will happen again! History tends to repeat itself!
- Post author:Marubozu
- Post published:August 15, 2010
- Post category:Genting Singapore
- Post comments:0 Comments
Tags: Parabolic Curve