a look at Genting SP

Good morning, it has been a long time since my last post. The main reason is that the market has been so quiet that i really do not know what to comment about. But i decided to give some comments on selected stocks for your information and also to keep me sharp.

Today i cover Genting. I attach its weekly chart above to give us a longer term perspective. Generally in 2010, Genting has been on a downtrend after hitting the high of $1.32 in Jan 2010. Its low this year was $0.835 in Mar 2010. So where is it likely to go from here? It has been trading within a tight range during the past 4 weeks within the upper band of the 50%-61.8% Fibonnaci retracement levels. So it looks like the bias is to the upside.

Significant levels are at $0.90 (round number) and $0.835 (the low for this year). If Genting closes below the second price level, then most likely it is headed lower. A close above $0.95 would be very positive for Genting.

where is the STI heading?

Good morning, the STI was very quiet in Feb 2010. I am not sure why things were so quiet, but it could be due to the CNY holidays in China and Hong Kong. My comments on the STI:

Looking at the longer term trend, The STI is still trapped in no-man's land; between the 50% and 61.8% fibonacci retracements. Support at 2700 appears to be very strong, but for the STI to resume its uptrend, it has to break above the 61.8% level (about 3000 points).



Medium term trend: sideways, with slight upward bias toward the upper channel of the bollinger bands.



Short term trend: momentum moving up (based on MACD) and the upturn in the moving average line. The STI looks poised to go up further in the short term. Initial resistance is around 2800.