Genting @ 1.80

I have been quite letargic lately. I have seen the sensei and he mentioned its because of the humidity and gave me some medicine. So far it has not been much effective. I myself suspect that it was contributed by my "waking" sleep. Been on work pressure lately and there are again human issue. May be I am on the verge of depression again. I had better get my psycholigical balancing check.


Fig 1 Genting Daily Chart

I also want to write about Genting today. Everyone know by today that it has gone up to SGD1.80 and probably no point saying that I have seen this last week. However, I think it is important to make this entry.

I saw the potential of this counter last week when it broke the fibonacci retracement line with gaps and congestion at 1.50-1.60 level. The break up was unexpected. But what follows should. Because of the gap, there is a measurement and I noted an objective of 1.80.

The problem was that I did not act on it, mainly because the regional market including the DJIA is moving south. While STI was out of phase, there is a fear that it might eventually fall in line. I have decided to let it go even when it could reach 1.80.

A call from my friend made me think. He often called me asking things about stock market and he has recently resigned from his job. Out of bordem, he set up a mind set of taking the stock market as a computer game and he ended up earning from the US market. While we were talking I noted Genting broke out at 1.60 and was at 1.65, I even told him that the target was 1.80. He commented," And you didn't buy? Why am I who is probably an outsider trying to earn money from the market while you know where it is going but does not want to gain from it?"

I think a part of me is in fear of failure and I have not yet overcome this obstacle. It is time that I do so.

While Genting is up at SGD1.80 and some even boast about it hitting SGD2.00. I ave my doubt at the moment. There is a divergence on the volume. On its first break out, there was a surge in volume, yet the latest break out the market has not shown the same enthusiastic. This also coincide with both Stochastic and RSI at the top.

There could be a little more that Genting should go, some where 1.85 base on one of my measurement of the swing move.