On Friday, Genting fails yet again to break the important resistance at $1.04 and close at $0.985 with HIGH VOL of 0.25 Billion shares traded.
The “shooting star” candlestick with very long upper shadow indicates that the likely hood of Genting breaking this resistance is low though earning report has already announced.
In addition, with both the technical & 61% Fibonacci resistance at $1.04 and 100/200 days moving average acting as huge resistance, we would suggest to profit take before everyone does.
Important Resistance of Genting: $1.04
Immediate Support of Genting: $0.845
On Friday, Golden Agri failed to break the resistance at $0.565 and close at $0.55 with very little interest from the market.
The “Doji” candlestick with very long upper/lower shadow indicates the indecisiveness of the investors and lack of catalyses to buy up this counter.
The 100 days moving average which are supporting this counter since Jan 2009 are currently acting as support turned resistance to this rally with RSI divergences/oversold at 26%.
We would advise investor to look out for the MAJOR support at $0.53 and sell once broken.
Important Resistance of Golden Agri: $0.565
Immediate Support of Golden Agri: $0.53
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