Genting broke its long-term uptrend line in August

Genting touched a low of RM9.02 this morning. However, it must be noted that Genting has broken below its recent strong horizontal support of RM9.40 just two days ago. In fact, Genting broke its long-term uptrend line at RM9.70 in late August. All in all, the chart for Genting is bearish.


Chart 1: Genting's daily chart as at September 22, 2011_9.30am (Source: Quickcharts)


Chart 2: Genting's weekly chart as at September 19, 2011 (Source: Tradesignum)

Note: I am posting on this bearish signal on Genting because a few readers wrote to me about it. A few clients are also very keen on buying and I advised them to hold back or go slow on the buying. I will not post on every bearish chart because I feel it is poor sportsmanship to beat up a dying horse. In the early days when the market was breaking down, I need to post on some bearish breakdown to get the message across. Now, I don't see the need to continue doing so.