Sunday, November 30, 2008

Genting Bhd Update

Genting has broken down of the down trend channel and has broken through the previous support area of RM 4.30.

It closed at RM 4.08 which is just below the 61.8% retracement level. MACD just made a bearish crossover and indicates more weakness going forward. The breakdown occurred on high volume indicating that investors were eager to get out of the stock.

A re-test of RM 3.58 cannot be ruled out. The next few trading days will be crucial. Let’s see if the stock can hold above RM 3.58.

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