GENTING (3182) - Genting: Poised To Go Up?
This morning, Genting broke above its recent intra-day high of RM8.40 recorded on Jan 12 & 16. It is now trading at RM8.50 which I consider to be the last stop before a quick rally to test the long-term downtrend line, RR at RM9.50. Genting had two important bullish breaks this month: the upside breakout of the horizontal line of RM8.20 on Jan 11 & the upside breakout of the intermediate downtrend line, R2-R2 at RM8.00 on Jan 5. Look at Chart 1 & 2 below.
Chart 1: Genting's daily chart as at Jan 26, 2017
Chart 2: Genting's weekly chart as at Jan 26, 2017
The confirmation I am looking for is Genting-WA breaking above its horizontal line at RM1.52-1.53. You may see from the chart below that this warrant was quite unexcited by the above upside breakouts in the share price.
Chart 3: Genting-WA's weekly chart as at Jan 26, 2017
Based on the bullish technical outlook, Genting is considered a possible trading BUY. You may choose to take a small position in Genting now and add to that position when Genting-WA breaks above the RM1.52-1.53 level. Good luck!
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: Poised To Go Up?
http://nexttrade.blogspot.my/2017/01/genting-poised-to-go-up.html
