From the chart below, we can see that the next resistance for GenM is at RM3.58-3.60 & then at RM3.75-3.80.
Chart: GenM's daily chart as at Oct 11, 2011_9.25am (Source: Quickcharts)
Tuesday, October 11, 2011
GenM broke above its medium-term downtrend line at RM3.50
GenM broke above its medium-term downtrend line at RM3.50 yesterday. The upside breakout could be triggered by positive news flow from its proposed investment in Miami, Florida. This USD3 billion development may include a casino. For more, check out one The Edge Newsletter article as well as an article in one of the local newspaper, Miami Today on this possible development. If a casino is approved for this development, the return from this project would be enhanced.
From the chart below, we can see that the next resistance for GenM is at RM3.58-3.60 & then at RM3.75-3.80.
Chart: GenM's daily chart as at Oct 11, 2011_9.25am (Source: Quickcharts)
From the chart below, we can see that the next resistance for GenM is at RM3.58-3.60 & then at RM3.75-3.80.
Chart: GenM's daily chart as at Oct 11, 2011_9.25am (Source: Quickcharts)
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3 comments:
Hi Alex, the whole world markets seem to rebound lately. In your view, is this a SHORT TERM technical rebound or we have at the buttom now?
Hi Eric
We can't be sure whether this is a bear rally or the beginning of a new upleg. I am inclined to think it is just a bear rally.
Hi Alex
I have set my trade for Genm tomorrow as such
Entry >3.60. SL 3.58. Target 3.78-3.89
If it moves down, then I will look for support around 3.45-3.51, and watch for buying opportunity. I would then put my stop loss at 3.44-3.45.
Please give your advice.
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