Genting SP

This is another counter which I found visitors searching for in my blog. Personally, I'm not vested. Here is a TA for those who are interested.

On 31 Dec 09, price action formed a wickless white candle, closing at $1.30 for 2009, a record high at the time. On the first trading day of 2010, price action formed a long legged doji with price closing 1c lower. MACD had a sell signal that day and the price has been declining since then.

Today, the price closed unchanged but the relieve this grants to shareholders might be just an illusion as the candlestick formed today is what is commonly called a gravestone doji. With the MACD about to form a bearish crossover, the MFI declining after forming a lower high which spells reduced buying momentum and a declining OBV which tells the chart reader that distribution has been ongoing, more downside cannot be ruled out.

The 61.8% Fibo line is where the rising 20dMA will be next week at $1.21. That provides initial support followed by support found at the 50% Fibo line which is also a many times tested candlestick resistance at $1.18. Rising 50dMA and 100dMA at close proximity to each other should limit further downside by providing a cluster of supports between $1.10 to $1.15.



Taking a quick peek at the weekly chart reveals a bearish candlestick pattern, a smaller black candle within a larger white candle. The black candle week also happened on the back of higher trading volume. The probability of a decline in price is definitely higher next week. Having said this, even if the price should decline to $1.15 next week, the longer term uptrend remains unbroken for now.