Thursday, May 20, 2010

Genting Weakness Ahead

The chart for Genting is indicating weakness in the short term. This is in line with bearish conditions for the past few weeks.

The MACD indicator has just cut below its signal line, indicating that the bears are gaining the upper hand.

The price has pulled back towards its 50 day moving average and this will be a critical level to watch. If the price is not able to hold onto the 50 day moving average, bears may increase their selling pressure and it will violate the up sloping trend line that began in the month of Mar.

Any rebound will meet with selling pressure at RM7.06

1 comment:

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