They chose financial independence over home ownership.

This is somewhat extreme but watch how this Canadian couple chose financial independence over home ownership.  They are in their 30s and,...

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"E-book" by AK

Second "e-book".

Another free "e-book".

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Genting SP: Twin spinning tops.

Saturday, August 28, 2010

No matter how bullish analysts might still be about Genting SP, I believe that taking some profit off the table for anyone who is still vested is the prudent thing to do.  Yes, the MFI is still uptrending and OBV shows accumulation.  However, take note that the RSI is in overbought territory and has formed a lower high.  This suggests that the buying momentum is weakening and being overbought, it has to be corrected in time.

The MACD is still rising above the signal line in positive territory but notice how the distance between the two lines is narrowing. Another cautionary signal could be found in the candlesticks formed.  We have twin spinning tops formed in the last two sessions, a sign of indecision and doubly so.  Indecision in an uptrend?  Doesn't sound positive, does it?  Also, notice the huge decline in volume as the counter tries to hang on to its gains.

Genting SP's price seems to have support at $1.50 but gaps are more often than not filled.  So, we could see price touching $1.46 in case of weakness.  From the chart, it is clear that the top of the base formation could be found at $1.30 and this is also where the rising 50dMA would approximate soon.  In case of a dramatic decline, expect strong support at $1.30, therefore.


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