A review on Genting

Eventhough I am not going into Genting again for quite a while, I still look at the chart.


Fig 1 Genting Daily Chart

While I look through Genting, I find it strange. Both indicators on daily basis is either peaking (RSI) or turning down. This in contrast to its price pushing to higher high. I understand that both indicators are for measurement of momentum so it might still be possible, but the gain is quite extraordinary.

Using Fibonacci retracement, it can be seen that today's move is actually stopped by its 38.2% retracement @ 1.02. This also coincide with the previous low on 29th Jan 2010. So it seems that support really can turn into resistance.

There is also another resistance at 1.04. So it might seem that Genting needs to pull back and take a breather before going higher.

I still think that the present "bull" is a B wave and that a C will come. If the double bottom holds on to its objective. Genting might retrace all the way to its 61.8% retracement line at 1.14. But then I have seen such set ups failed before in b wave.