Genting Singapore PLC* ("Genting Singapore") is a leading integrated resorts development specialist with over 20 years of international gaming expertise and global experience in developing, operating and/or marketing internationally acclaimed casinos and integrated resorts in different parts of the world, including Australia, the Americas, Malaysia, the Philippines and the United Kingdom (“UK”).
Genting's rise in share price is incredible. Look at its weekly chart above. It's share price rose from a low of about $0.30 in Oct 08 to about $2.16 today (a 620% increase over 2 years!, if my maths is correct).
So where do i think the share price will go? First of all, i am bullish about this counter. It has been on a strong uptrend since Oct 08, with its price riding comfortably above both the 50 and 200 period moving averages. It hit a high of $2.18 on 20 Sep 2010 and retraced to a swing low of $1.85 on 30 Sep 2010. It is now testing the previous high of $2.18. If it should break above $2.18, the new price target is $2.18 + ($2.18 - $1.85) = $2.51. Approximate time to hit this target = time taken for it to go from its swing low (30 Sep 2010) to the day it breaks above $2.18. I approximate it to be one month.
Happy trading!
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