Chart 1: Resorts' daily chart as at 4/3/2009 (Source: Quickcharts)
Chart 2: Genting's daily chart as at 4/3/2009 (Source: Quickcharts)
Monday, April 06, 2009
Resorts & Genting broke above their downtrend line
Both Resorts & Genting have broken above their respective medium-term downtrend line at RM2.20 & RM3.90, respectively. With the breakout, the medium-term outlook for both stocks is positive. In the event of correction, you may accumulate these stocks at the breakout level.
Chart 1: Resorts' daily chart as at 4/3/2009 (Source: Quickcharts)
Chart 2: Genting's daily chart as at 4/3/2009 (Source: Quickcharts)
Chart 1: Resorts' daily chart as at 4/3/2009 (Source: Quickcharts)
Chart 2: Genting's daily chart as at 4/3/2009 (Source: Quickcharts)
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6 comments:
Kindly inform you that Resorts' daily chart is posted wrongly.
Have a nice day!
Hi 雷門與江邊鳥,
Thanks for the pointer.
will correction set in soon?
Hi Chanyip,
Under normal circumstances, one may expect severe correction to set in after such a prolonged rally. We are, however, under circumstances that are far from normal, since September last year.
As noted by Jeffrey Saut (the Managing Director of Raymond James & Associates), "Verily, many of the hedge funds we talk to have been sitting in 50%+ cash for the year and have totally missed this rally. Imagine the pressure they would feel coming into the end of the quarter and having to send out bills to their clients for just sitting in cash. We further opined that performance pressure should put a prop underneath stocks into quarter’s end as underinvested portfolio managers “window dressed” their portfolios."
Based on the above, I believe that the current rally may last longer than expected. If one has missed out of this rally, one may have no choice but to tip-toe into the market, even at higher prices.
I believe it will come down soon
The actual economy now still need the center bank to cut interest rate in order to stimulate the feel good environment.
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