The email address in "Contact AK: Ads and more" above will vanish from November 2018.

PRIVACY POLICY

FAKE ASSI AK71 IN HWZ.

Featured blog.

1M50 CPF millionaire in 2021!

Ever since the CPFB introduced a colorful pie chart of our CPF savings a few years ago, I would look forward to mine every year like a teena...

Past blog posts now load week by week. The old style created a problem for some as the system would load 50 blog posts each time. Hope the new style is better. Search archives in box below.

Archives

"E-book" by AK

Second "e-book".

Another free "e-book".

4th free "e-book".

Pageviews since Dec'09

Financially free and Facebook free!

Recent Comments

ASSI's Guest bloggers

Genting SP: An orderly retreat.

Thursday, September 30, 2010

No one likes to see his investment plunging in value but anyone who bought some Genting SP's shares towards the end of its run up to $2.18 could be nursing a huge paper loss now, if he did not cut his losses.

On 28 Sep, I mentioned that "we could see more selling pressure in the near term.  If $1.93 gives way, I see the next support level at $1.84, give or take a cent. Strong support should be provided by the rising 50dMA which is currently at $1.60." Today, price action formed a low at $1.85, just a cent shy of $1.84, before closing at $1.86.  That >5m shares were sold down at $1.86 post closing at 5.05pm suggests more downside to come.


The momentum oscillators are firmly downward moving and the OBV shows clear distribution underway.  It would seem that the 50dMA would be called upon as support in due course. What price would that be at?  If I were to hazard a guess, it could be close to $1.70 next week.  That is where we find the lower Bollinger band and it also seems like a natural candlestick support.  Of course, a nice round number is mostly psychologically important.

Do I expect any panic selling? That's a tough one to answer but looking at the volume of trade as the stock was sold down this week, it looks like an orderly retreat to me.  No spike in trade volume.  So, this is perhaps a consolation for shareholders.

Related post:
Genting SP: CEO pares stake.


0 comments:


Monthly Popular Blog Posts

All time ASSI most popular!

 
 
Bloggy Award