Hello everyone,
Over the past week, I have been listening to some people I know talking about Genting SP. Over the week, Genting SP did come up in the papers also, reporting good business in the past months. This was probably the reason Genting SP went up about 8% in the week.
Remembering that I had a bearish-bias view of Genting SP, I decided to look at the chart again. I noticed a large downward parallel channel a while ago, but did not post it on this site as it was still “young”. Now, I can see why there was a surge up last week. In the chart below, you will see that Genting SP has been trading at the bottom of its parallel channel. Technically, that is a buy signal even though the overall chart pattern is a bearish one. All in all, I am not going to recommend long positions for Genting as I prefer following the general trend, which is a downtrend for now. Any surges should halt quickly. Take note of the turning down of the 200-day MA, and price trading below the important moving average.
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