Monday, November 22, 2010

Support level for Genting Singapore?



After Genting Singapore announced its 3Q earnings, the price gapped down and has been weak for the past few days. The price has barely held above its 50day moving average over the past 2 trading days. This appears to be the near term support (about $2.04). It is also near the psychologically important $2.00 level. If Genting Singapore should close below $2.00, i would suggest short term traders to exit their position and look to re-enter only when the price resumes its uptrend.

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