Chartzones: Genting, Olam, Ezra!

Ezra managed to hold above its major support at $1.85 despite being selling down at high volume of 13.7 million shares by investors.

Finally it ended at $1.90 to mark a black candle stick with lower/upper shadows signifying that the counter is still unclear of its direction and a furious war has begun between the bull and bear in that region.

Important Resistance of Ezra: $2.05

Immediate Support of Ezra: $1.85

Investors who are interested to trade in Ezra may queue at around $1.86 which is the major support but prepare to cut loss if it’s closed below $1.85 at high volume. Once the major support of $1.85 is broken, greater selling pressure will be expected.

Today Olam had a massive sell down by investors at very high volume with 24.9 million shares traded (4 times average) to close $2.39 at the end of market sessions.

Currently Olam prices have already dropped below the 200 days moving average and with 100 MA crossing down 200 MA which is a bearish warning.

Important Resistance of Olam: $2.55

Immediate Support of Olam: $2.38

The minor support at $2.38 may not be able to hold thus we would not encourage investors to purchase in this period.

Today Genting managed to hold at its technical support at $0.965 and close higher at $0.99 with LOW VOL of 0.1 Billion shares traded.

A white bullish candlestick with no upper shadow indicates that investors are still willing to purchase at this level though the volume is low (Buy up pressure is weak)

However with both the technical & 61% Fibonacci resistance at $1.04 and 100/200 days moving average acting as huge resistance, Genting may perform a consolidation within this band width in the short term period.

There are 2 ways that investor can trade (Long) this counter

1)     Buy at breakout of $1.04

2)     Buy at support of $0.965

Important Resistance of Genting: $1.04

Immediate Support of Genting: $0.965