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Genting SP: A strong rebound.

Friday, October 1, 2010



Together with the STI's stellar performance, Genting SP staged a strong rebound.  The MACD histogram turned green, a buy signal but the rise in price was not accompanied by heavy volume.  This suggests that price rebounded on short covering and that it rose because of a lack of sellers and not because of an abundance of buyers.


This rebound was probably a good chance for bulls to reduce exposure. Personally, I feel that a resumption of a downward movement towards the 50dMA is likely and that further upside could be capped by the 38.2% Fibo line at $2.05. However, with an upgrade by OCBC, I wonder which way it would go.  It is a grand tug of war between research houses.


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