GENTING (3182) - Genting Berhad: A Sudden Drop
Last Friday, Genting suddenly plunged from RM8.00 to a low of RM7.70 at 4:00pm. After some checking around, I can't ascertain the reason for the drop. The next day, there was no news in the market to explain the drop. I can only attribute it to "window-dressing activities" due to month-end closing.
If that's correct, Genting should hold at the current price level of RM7.80. This is a strong support level. In the event it failed to hold, the stock may test its very long-term uptrend line, SS at RM7.50 (see the monthly chart).
If you have the stock, you should just hold onto it. If you have been eying to get into Genting, this is a good level to consider.slow accumulation. Good luck!
Chart 1: Genting's daily chart as at Aug 30, 2016 (Source: Shareinvestor.com)
Chart 2: Genting's monthly chart as at Aug 30, 2016 (Source: Shareinvestor.com)
Note:
I hereby confirm that I do not have any direct interest in the security or securities mentioned in this post. However, I could have an indirect interest in the security or securities mentioned as some of my clients may have an interest in the acquisition or disposal of the aforementioned security or securities. As investor, you should fully research any security before making an investment decision.
GENTING (3182) - Genting Berhad: A Sudden Drop
http://nexttrade.blogspot.my/2016/09/genting-sudden-drop.html
