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Genting SP: Staying cautious.

Monday, September 6, 2010

The cautious tone in Genting SP continues today. There is talk that speculators have moved from Genting SP to Genting HK, contributing to the latter's spectacular run up in price.

Technically, the negative divergence between price and action here is rather glaring. Price has detached from the upper Bollinger and moved sideways. This could be the start of another consolidation period.  The detachment from the upper Bollinger is accompanied by reducing volume which is a good sign for the bulls.


Look at the MACD and we see it still rising above the signal line in positive territory.  Bulls want to watch out for signs of a bearish crossover with the signal line.

The MFI, although declining, formed a higher high before doing so and is still above the longer term uptrend support. OBV has flatlined in the immediate time frame but its longer term rise is unbroken.  Demand and accumulation seem healthy.

For anyone with a long position here, congratulations but look to the support at $1.70 for guidance.  If this support breaks, it might be a good idea to take some profit off the table as the next support is at $1.50.

Related post:
Genting SP: Flip flop.



2 comments:

Edmond said...

Hi AK71,
Do you think Genting HK is a good buy now? WIll the price goes higher, say 60 cents in near term?

AK71 said...

Hi Edmond,

Frankly, I think Genting HK's price is getting ahead of its fundamentals.

http://theedgesingapore.com/the-daily-edge/business/20082-genting-hong-kong-36-earnings-growth-priced-in-uob.html

Technically, it is now overbought and if you look at the candlesticks, after the long white candle in the last session, it formed a very long legged doji in this session. Doesn't inspire much confidence to go long now.

A strong long term support is currently at 31.5c (resistance turned support) but I am not suggesting that it would certainly go back down to that level. What I am suggesting is to wait for a bit of a pullback. The decision is yours, of course. :)

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