Genting SP: How low could it go?

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  Of course, that post is outdated by now since it was a TA on the counter.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.

STI, AusGroup, Golden Agriculture and Healthway Medical

STI closed at 2,769.19, down 24.87 points.  It is still within the uptrend channel and above its 100dMA.  Volume is somewhat reduced and the downwards adjustment in the index is nothing alarming at this stage.

AusGroup looks interesting as volume continues to expand for a second day with price moving up to close at 58c today.  MFI is rising strongly and is almost at 50%.  MACD turned up and a bullish crossover with the signal line seems inevitable.  Currently, the declining 20dMA is providing resistance at 59.5c.  If the price action overcomes this, it could move to 64c which is the resistance provided by the 50% Fibo line.  This is also the price level which the descending 50dMA seems on track to meet in the next few sessions.

Golden Agriculture experienced a down day closing at 55c on the back of reduced volume.  MACD is poised to cross above zero which would herald the return of positive momentum.  Gap support at 54c.  My target price for this counter remains unchanged at 59c if the upmove should continue in the near term.

Healthway Medical's price action formed a gravestone doji today.  This is a bearish candlestick. With the MFI and MACD turned up, the expectation is for some continuing push upwards but these momentum oscillators are lagging indicators.  So, we have to take this with a pinch of salt.  If price action does not close above the resistance provided by the descending 20dMA at 15.5c, we want to at least see the rising 50dMA confirmed as a support at 14.5c.  All we can do is to wait and see.