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.
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