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Price touched a high of $1.29 before closing at $1.27, forming an inverted white hammer in the process. This suggests some weakness: the upmove lacks conviction. The unimpressive volume confirms this observation.
Although the OBV is still rising, suggesting continuing accumulation, there is some profit taking going on and a stalling demand. This stall in demand is confirmed by a flat MFI which is bordering on overbought.
Many are expecting Genting SP to report a set of sterling numbers but till then, could we see price softening somewhat to retest support provided by the rising 20dMA? There is a chance and that might be an opportunity for any bulls on Genting SP to accumulate.
Genting Singapore rises to 6-month high on earnings outlook. Genting Singapore Plc climbed to its highest level in six months as better-than-estimated earnings from rival Las Vegas Sands Corp. sparked speculation the company will also report strong earnings.
Thursday, 29 July 2010
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Thursday, 29 July 2010
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