Monday, August 23, 2010

Genting Berhad Still Bullish - Buy On Pullback

Genting Berhad had a great run after breaking through the resistance level at RM 8.10. It went on the hit a high of RM 9.01 before retracing some of its move. Judging from the technical charts, the down swing looks more like a healthy pullback and the up trend is still intact.

The 2 day RSI is decreasing after hitting overbought level and is not approaching the oversold threshold. The price level is about to hit the 38.2% Fibonacci retracement level of RM 8.51 which may encourage some buying. A strong support level appears at RM 8.10 level.

This may be a chance to get into the counter at a cheaper level.

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