Genting expected to have small rebound after recent sell down!

On 22/Apr, Singapore shares ended higher on Thursday due to a rise in U.S. stock futures in the afternoon though weaker commodity prices dragged down commodity firms such as Olam International and Noble Group.

STI ended 13.04 points (0.4%) higher at 2980.69 points with 1.7 billion shares traded compared with 2 billion Wednesday. In the broader market, loser beat gainer 297 to 205.  Overall today rally does not serve any strong conviction with LOW VOL shares traded and broad market stocks generally falling in prices.

"Sentiment is still a bit edgy, although the pullback is well contained. There's not much at this point to turn people off in a big way, but there's also nothing much to encourage buying," says trader at local house.

Today Genting Singapore dropped 1.5% to S$0.86 with a slightly higher than AVE VOL of 64.6 millions shares traded that results in a black candle with little tail at the bottom. It is very obvious that the SELL DOWN pressure is easing and consolidation/rebound will be expected soon

Important Resistance of Genting: $0.885

Immediate Support of Genting: $0.845

MACD: Blue line in progress of crossing down.

My sentiment on Genting: Selling pressure seems to be easing. Therefore I do not expect massive SELL DOWN tomorrow. In fact I expect consolidation or maybe a small rebound on either tomorrow or next Monday unless STI falls or bad news on Genting announced. But again do look out for the support at $0.845.

My sentiment on STI: Like my above comments. No strength to go up but pullback is small in short term. Market situation is unclear but in short term favors more in pullback.