Wednesday, February 09, 2011

Genting broke its uptrend line


Genting tested its uptrend line on Jan 31 & rebounded sharply on Feb 2. Alas, this rebound cannot sustain. The stock broke below its uptrend line at RM10.70 today. If Genting failed to recover above the uptrend line, the stock will drift lower. Its next support is at the horizontal line & psychological support of RM10.00. Avoid Genting for now.


Chart: Genting's daily chart as at Feb 9, 2011_11.00am (Source: Quickcharts)
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2 comments:

  1. hkloonWednesday, February 09, 2011 2:33:00 PM

    Hi Alex,

    Happy CNY. What's your view on Fitters?

    regards

    ReplyDelete
  2. Alex LuFriday, February 11, 2011 8:59:00 AM

    Hi hkloon

    Fitters is trading at a PE of 16 times (based on full-year EPS at 5 sen). That's very rich valuation for a smallcap.

    Chartwise, its upside is limited unless it can surpass the rising line connecting its previous high of 1998, 2000 & 2007. That resistance is at RM0.85-0.90.

    ReplyDelete