Genting International has a bullish breakout

Genting International P.L.C. (“Genting International”) is an integrated resorts development specialist, involved in developing, operating and marketing of casinos and integrated resorts in Malaysia, Australia, the Americas, the Philippines and the United Kingdom (“UK”). The Group has casino properties under UK-based Genting Stanley and is currently developing Resorts World at Sentosa, the integrated resort in Sentosa, Singapore.

Genting International is listed on the Main Board of the Singapore Exchange Securities Trading Limited. Its share price jumped from about S$0.30 in the middle of 2006 to early 2007 when the market was very excited about its prospect of securing the second integrated resorts with casino operation. Despite successfully securing that project, the share price has been dropping from the early 2007 until end 2008. From the chart below, we can see that Genting International has broken above its very strong horizontal resistance at S$0.47-48 as well as its medium-term downtrend line resistance at about S$0.48. With these bullish breakouts, I believe the outlook for this stock is very positive. Good entry level is at S$0.48-50.


Chart: Genting International's weekly chart as at Mar 31, 2009 (source: Yahoo Finance)

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(Note: This post is based strictly on technical analysis, without considering the company's financial performance or position).