Tuesday, June 30, 2015

Genting SP: Is the 0.900 support holding up ? a Breakdown as mentioned previously ?

Where to now? Closed at 0.895, let’s see  !

Sent: Monday, June 15, 2015 9:49 AM
Subject: ******* Genting SP: Touched 0.900 critical support level, technical rebound or breakdown, price 0.905
Following up from call 3 weeks back, Genting SP has traded lower gradually and touch the critical support at 0.900. Range is now even lower from 0.90 to 0.93 as it consolidate sideways. Note that any breakdown below the 0.900 key psychological support would not be a good sign and there can be more weakness to take it lower to 0.84 then 0.80. CFD SELL can be used to ride any downside below 0.900 where there are huge buyers stacked currently. Longer term trend still pointing lower and moving below 0.900 can accelerate the downside with 20 day MA also sloping down firmly. Cautious long below 0.900. Any short term rebound can be to 0.94 level first and only a breakout above this would invalidate our bearish scenario.

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