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Genting SP rocketed to a high of $2.18 on 20 Sep which was also the day when OBV peaked and the MFI formed a higher high. However, all parties come to an end or at least they need a break. Genting SP's share price has retraced to support provided by the 20dMA at $1.93. Will this support level hold? Or will we see more downside?
That the CEO sold down his stake to the tune of 900,000 shares yesterday at $2.047 each does not inspire much confidence in investors. We could see more selling pressure in the near term. If $1.93 gives way, I see the next support level at $1.84, give or take a cent. Strong support should be provided by the rising 50dMA which is currently at $1.60.
Genting Singapore off 1.5%; CEO Tan Hee Teck’s sale of own shares in open market prompts other investors to follow suit.
Tuesday, 28 September 2010
Tuesday, 28 September 2010
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