Today Genting broke its important support at $0.965 and close lower at $0.93 with average VOL of 0.13 billion shares traded but much higher compared to the past few days.
A long black bearish candlestick with little upper shadow indicates that investor have decided to sell down this counter instead of going against both the technical & 61% Fibonacci resistance at $1.04 and 100/200 days moving average.
It is also important to note that the “Up trend line” has already broken in both the prices and RSI that shows Genting no longer have any momentums for further rally.
Genting may test the 50 MA and technical support at $0.9 tomorrow thus further downside will be expected if broken. But do look out for major support at $0.845 for trading opportunities.
1)Buy if $0.845 can hold
2)Short if $0.845 breaks at high volume.
Important Resistance of Genting: $0.965
Immediate Support of Genting: $0.9
Major Support of Genting: $0.845
Today Golden Agri managed to hold onto its important technical support at $0.515 despite HIGH selling down VOL of 0.11 billion shares.
A long black bearish candlestick with little upper shadow at support level point out that there is enough selling pressure to keep this counter in consolidation stage in short term. But look out for the support at $0.515 & 200 days MA (around $0.51) to see if it can hold. Do not encourage to trade this counter since direction is unclear.
Important Resistance of Golden Agri: $0.545
Immediate Support of Golden Agri: $0.515
Major Support of Golden Agri: $0.49
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