Genting has tested its uptrend line

One of the best-known blue chip in our local bourse is Genting. The stock, which made a high of RM9.95 on April 11 (just prior to its 5-for-1 split), has corrected back to its medium-term uptrend line. It has tested the uptrend line as well as the strong horizontal support line at the RM7.80. If Genting's share price can break above its 30-day SMA at the RM8.05/8.10 level, the stock's uptrend could continue.

Buy between RM7.80-8.00 & wait for the breakout, or buy when the stock surpass the RM8.05/8.10 level.


Chart: Genting's daily chart as at June 20 (courtesy of Tradesignum.com)