Genting Singapore – Trading Within a Range

Genting Singapore looks like trading within a range from $0.86 (50% Fibonacci Retracement Level)to $0.969 (61.8% Fibonacci Retracement Level). It looks like a good pattern to trade if Genting continues to move within this range until the breakout.

From the chart, a mini double bottoms has been formed and Genting may be forming a mini double tops too. The chart looks interesting for me to keep in the short term trade watch list. Feel free to comment if you see other patterns.

UNG – Return to the Falling Wedge

UNG failed the breakout from the channel and returned to the falling wedge. $9.00 is a critical support level and if UNG bounces back from this support, a double bottom will be formed. If this support is broken, UNG will continue to go south to its historical low until the next support of $7.072. Formation of either a double bottom pattern or breakout from a falling wedge in a down trend will reverse a trend (i.e. the stock price will move up eventually). As I am planning to invest this ETF for long term, this analysis gives me some idea where I can accumulate more shares at a lower price.