FSL Trust: Challenging resistance.

On 27 Sep, I mentioned that "Trading above the gap which was closed at 43.5c now brings the next resistance at 46c to play.  I see an eventual target as defined by the descending 200dMA, currently at 51c."

FSL Trust has been experiencing buoyant price action since then and 43.5c has been established as immediate support.  This is likely to be underpinned by the rising 20dMA. 46c is still the resistance to watch although it was briefly taken out today on higher volume. Eventual target remains defined by the descending 200dMA, currently at 50.5c.

Related post:
FSL Trust: Rising from the depths.

Genting SP: 38.2% Fibo.

On 1 Oct, I mentioned that "I feel that a resumption of a downward movement towards the 50dMA is likely and that further upside could be capped by the 38.2% Fibo line at $2.05."

Today, an effort to further advance the rebound in the last session sputtered as price hit a high of $2.10 only to retreat to close to $2.04, 1c lower than the resistance identified at $2.05. A white candle with a long upper wick was formed, suggesting the presence of strong selling pressure as price tried to move higher.

Immediate support is now at $2.00, underpinned by the rising 20dMA, on top of being a many times tested support and resistance level.  Immediate resistance remains at $2.05.


Related post:
Genting SP: A strong rebound.