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Genting SP: How low could it go?

Thursday, February 18, 2010

I was going through my blog's statistics and found a jump in readership for a post on Genting SP I did in early January.  Of course, that post is outdated by now since it was a TA on the counter.  I looked at Genting SP and discovered the reason for the renewed interest.  The counter is crashing through all supports, including the longer term 200dMA at 97.5c! Intrigued, I decided to take a look at how low this counter might go.




From the plunging OBV, it is quite obvious that distribution is taking place big time.  The counter closed at 95c today, down 7c, on much higher volume.  The MACD showed a sell signal yesterday and this signal was confirmed today.  The MFI is still hovering at the 40% level and is far from being oversold.  All these suggest that there is more downside for this counter and shortists are having a field day here.




38.2% Fibo line at 91c might provide some near term support.  If this breaks, the 23.6% Fibo line is at 81c and the rising 100wMA is at 73.5c.  I rather doubt that price action would descend to the 100wMA in a hurry but one never knows.

I have mentioned before that I do not like the fundamentals of Genting SP and consequently, I was never vested.  However, technically, it is now looking interesting.  I would keep an eye on the MFI and if it enters the oversold territory, it might provide an opportunity to go long.

4 comments:

la papillion said...

Hi AK,

Haha, I was looking at how it dropped today too :) 0.895/0.900 looks interesting for a short punt. Most likely I won't be looking at this. FA failed, even for trading I'll have to think twice. Unless something compelling comes along, yes? :)

Definitely more to drop.

AK71 said...

Hi LP,

I don't usually look at counters which do not pass my FA. But the sharp decline seen here might have an equally sharp rebound as shorts are covered. Tempting, technically. Haha.. :)

la papillion said...

Hi AK,

Today the lowest (at lunchtime at least) is 0.900. Refuses to head lower. I read that alvis is on Q at that level but didn't hit, haha :)

Not my cup of tea :)

AK71 said...

Hi LP,

Not my cup of tea at this price either but I would be seriously tempted if it hits the 100wMA. ;)


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