Tuesday, June 21, 2011

Genting SP- still in an uptrend line

One reader asked about Genting SP, a stock which I monitor regularly. Genting SP's short-term outlook is negative as the 50 & 100-day SMA lines have crossed below the 200-day SMA line. However, it is good to note that the stock is still in an uptrend line, which started in late 2008. The support of that uptrend line is at S$1.70-1.75. I have attached two daily charts for your viewing.


Chart 1: Genting SP's daily chart from Sept 1, 2008 to June 21, 2011 (source: Yahoo Finance)



Chart 2: Genting SP's weekly chart from Jan 2003 to June 21, 2011 (source: Yahoo Finance)

Based on the above, I believe Genting SP could be a trading BUY when it touches the S$1.70-1.75. However, it must be noted that a breakdown of the uptrend line would be bearish for this stock and as such, you should take the necessary precaution to safeguard yourself.
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9 comments:

  1. IvanTuesday, June 28, 2011 5:56:00 PM

    Bro,
    What is your short term view on genting singapore?

    Correct me if I am wrong. This share seem rebound from SGD 1.88; and facing some resistence level at SGD 1.93. TQ

    ReplyDelete
  2. IvanFriday, July 01, 2011 9:14:00 AM

    Bro,

    Any idea on Genting SP?
    Likely it was a rebound from 1.8x. What is the resistence level and your opinion for this share?
    Thank you

    ReplyDelete
  3. IvanTuesday, July 19, 2011 2:42:00 PM

    will genting sigapore rebound from 1.70 level?

    ReplyDelete
  4. Alex LuTuesday, July 19, 2011 3:53:00 PM

    Hi Ivan

    This post was written about 1 month ago. The uptrend line support has npw moved higher to S$1.75-1.80. This means that Genting SP is testing its uptrend line right now. Can this support hold? We won't know but the normal technical rule is to accept that an uptrend line is good until it has been violated.

    ReplyDelete
  5. IvanTuesday, July 19, 2011 3:57:00 PM

    Thanks Alex for your reply.
    Seating, waiting it rebound

    ReplyDelete
  6. IvanMonday, August 15, 2011 11:53:00 PM

    Bro Alex,
    Time to short sell Genting Singapore as it broke down to SGD 1.60 couple of days before ?

    Thanks

    ReplyDelete
  7. Alex LuTuesday, August 16, 2011 11:51:00 AM

    Hi Ivan

    It looks like Genting Singapore has broken its long-term uptrend line at S$1.70-1.80.

    ReplyDelete
  8. IvanWednesday, August 17, 2011 2:08:00 PM

    Thanks Alex.
    Where will genting singapore next support and resistence level (1.70? ) ? TQ

    ReplyDelete
  9. Alex LuWednesday, August 17, 2011 3:18:00 PM

    Hi Ivan,

    I think Genting sp has broken the uptrend line at S$1.75. It is hard to make a case based on technical reason to buy the stock. Can it come back up above the uptrend line? Who knows?

    ReplyDelete