Genting's uptrend to continue

Genting broke above its symmetrical triangle at RM5.80 on July 20. With this breakout, Genting is likely to continue with its prior uptrend. The immediate resistance is its recent high of RM6.10, which is also a strong horizontal line resistance. It managed to surpass the RM6.10 resistance to close at RM6.15 at the end of the morning session.


Chart 1: Genting's daily chart as at July 23, 2009_11.45am (Source: Quickchart)

From the weekly chart, you can see that Genting's next resistance is at RM6.80-7.00 (ignoring the panic selling lows of RM6.25 & RM6.40). Immediate support will come from the psychological level of RM6.00 & later on from the horizontal line of RM5.20.


Chart 2: Genting's weekly chart as at July 22, 2009 (Source: Quickchart)

In conclusion, Genting could be a trading BUY if it can stay above RM6.10 today. The volume accompanying this morning session's breakout is quite encouraging at 55000 lots.