Exactly 2 weeks back on Friday, a note was sent when Genting Sing was still consolidating above the firm 1.04 support.
It was then at about 1.07 and a potential rebound call was sent with upside targets drawn.
Of course downside risk was accessed as well if support was to break down with a fall to 1.00 likely as drawn…
See chart below what was sent out J
Over the past few days, we have seen more strength in Genting Sing even though market for pennies were still weak.
It has broke above the 1.15 resistance today with target to 1.20 still on track as drawn.
See where we are now below.
Short term uptrend still firm above 1.15 for now but…
We may see some selling returning again as we approach the 1.20….
That would not only be a good time to take some profit but perhaps also a good time to take short positions to ride the retracement down.
Only a firm price action above 1.20 can see the uptrend continue higher and for us to ride further.
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