On 26/Feb, yet again another boring day with STI ended up 1.71 points at 2,750.86 with 1.28 billion shares compared with 1.27 billion Thursday. In the broader market, gainers overtook losers 299 to 202.
The STI drop to the lowest of 2738.1 in the morning and recover up at the very last 45 mins before the market close. Basically there are no major news today and "Big Boys" are just playing with us by swinging up and down effortlessly due to lack of VOL & direction in the market sentiments.
Today yet another huge selling on Genting @ VOL of 0.24B which break the support @ $0.90.
At this time i would not encourage any entry for Genting as it seems very volatile however there are another STRONG SUPPORT @ $0.85 which i believe can hang on for the time being if interested.
Support turned RESISTANCE = $0.90 (This resistance is going to be strong)
Immediate Support = $0.85.
Do look out for my "Market Outlook" tomorrow as i will do a summary on the market and what to expect in next week.
Monthly Summary of November 2023
4 months ago
2 comments:
Genting may go as low at $0.62! http://mystocksinvesting.com/singapore-stocks/genting-singapore/genting-how-low-can-genting-go/
What's your view?
M
For the benefits of my reader, I shall re-post what I commented there.
Personally i feel $0.85 is a very strong support in short term and expect a technical rebound.
1) this price is @ 50 FR
2) Support is strong there with many candle sticks.
3) RSI and MACD is oversold but MACD divergence is spotted.
4) The sell down VOL is not as bad when Genting first break the neckline and SELL VOL may be drying up.
5) Some broker actually stop “shorting” for Genting due to lack of stocks able to borrow for CFD. (Covering will be very soon)
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