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Genting SP: Fatigue.

Thursday, October 7, 2010

Price gapped down today and formed a doji, closing at $2.03. It is quite obvious now that a lower high was formed yesterday and price is being supported by the 20dMA today. That the 20dMA was breached as recently as last week does not inspire confidence that it would be a strong support.

The MACD histogram has turned red, a sell signal, while the MACD continues its decline beneath the signal line in positive territory. The correction has resumed. MFI and RSI both formed lower highs which suggest reduced demand and slowing buying momentum. OBV suggests ongoing distribution.

Unless there is a sudden spike in volume in buying up, the odds are that prices could move lower and the next support, if $2 should break, is at $1.85.  Of course, just as prices do not move up in a straight line, prices would not move down in a straight line either. There is always a river of hope.


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