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Genting SP: Bearish engulfing candle.

Monday, February 7, 2011

A really bad day for Genting SP as price action formed a bearish engulfing candle. Price started the day at $2.15 and closed at $2.06. What is worrisome for long holders here is the fact that volume expanded quite a lot on a black candle day. In fact, it is the highest since 3 December 2010.


The confluence of 20d, 50d and 100d MAs at $2.13 could well be the immediate resistance now while trendline resistance is at $2.19. Immediate support is at $2.00 which is followed by $1.92, $1.85 and $1.78 which is provided by the rising 200dEMA. So, is Genting SP's share price going to crash? Who knows but let us take a look at the weekly chart for a look at the longer term picture.


Bollinger bands are squeezing for an imminent change in direction after a period of low volatility, it seems. The MACD completed a bearish crossover with the signal line in late November 2010 and has been in decline since. The OBV suggests that distribution has been going on since the middle of September 2011. Both MFI and RSI show a decline in momentum. Through all these, volume has been declining. However, if today's volume were to be replicated through the rest of the week, volume would be very high this week.

Things look precarious. Let us see what Lady Luck has in store for Genting SP.



Related post:
Genting SP: A rebound or a reversal?

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