If that's correct, Genting should hold at the current price level of RM7.80. This is a strong support level. In the event it failed to hold, the stock may test its very long-term uptrend line, SS at RM7.50 (see the monthly chart).
If you have the stock, you should just hold onto it. If you have been eying to get into Genting, this is a good level to consider.slow accumulation. Good luck!
Chart 1: Genting's daily chart as at Aug 30, 2016 (Source: Shareinvestor.com)
Chart 2: Genting's monthly chart as at Aug 30, 2016 (Source: Shareinvestor.com)
Note:
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4 comments:
hi alex,
happy that our "too good to be true" panamy had recently rally strongly.
wondering how do you see malton?
thanks and have a great day!
Hi steve,
Malton's net profit has been sliding for the past 5 years after it peaked in FY2011. Chartwise it has broken its long-term uptrend line at RM0.70-0.75.
It should have support at the horizontal line at RM0.60 & RM0.50. I believe the bottom should be at these levels unless we have a complete economic collapse, which is not on the horizon.
Nevertheless, there is still no sign of that bottom forming yet. If you're invested in this stock, I think it is a HOLD. If you're thinking of buying, I think slow accumulation at these levels is fine if your investment horizon is long-term.
hi alex,
myeg results looks impressive. what do u think?
thanks.
Hi lai,
Myeg had a blown-out quarter. Net profit rose 54% qoq or 122% yoy to RM51 million. This is on the back of a strong growth in revenue; 24% qoq or 94% yoy growth in revenue to RM87 million.
It looks like the stock may revisit its recent high of RM2.38 soon.
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