Posts
Genting SP experienced a white candle day on lower volume. The MACD is still declining and being below zero, the positive momentum is well and truly over. MFI has dipped into oversold territory although the stochastics look like it might rise somewhat in the oversold region. With the momentum oscillators in oversold territory, the counter might attempt a rebound but any rebound should meet with resistance at 98.5c, which is where we find the 200dMA in the daily chart.
Over the week, we should find resistance at 93.5c, this is where we find the 50wMA on the weekly chart.
So, on a daily basis, there is a probability that it might hit 98.5c but over the week, 93.5c would probably assert itself as a stronger resistance. Therefore, expectation is that any upmove to 98.5c, if it happens, would be short lived and would see much selling both by stale bulls and short sellers.
An upmove this week is most probably not a chance to load up as the downtrend is clear unless the upmove is accompanied by higher volumes which might indicate a budding reversal which remains unlikely.
Bloggy Award
2 comments:
Hi AK,
It seems that it did not take very long at all for the market to answer your question - Genting continued its downtrend today. Do you reckon this is a falling knife, which we should not try to catch even though minor support levels at 85.5 and 81 cents beckon?
AT
Hi AT,
I am keeping an eye on this counter and I am sure many chartists are as well. Many are talking about a possible punt at 85c.
Prices go down a river of hope and there will always be rebounds. However, I have a weak heart. I am not a good punter.
I will wait for the MFI and Stochastics to be more oversold and enter closer to the major support provided by the rising 100wMA which is at 74c currently.
This counter's fundamentals are not exactly compelling. So, the price has to be very close to a major support to be persuasive enough for me to enter.
Post a Comment