Genting going down.....

I recall my last up-date on Genting that it was not yet the end and only a fire work will makr its ending. Well, I have not really seen fire works yet but now I am bearish on Genting.


Fig 1 Genting Weekly Chart

I am doing a read on Genting on weekly basis to check on what it was doing. The volume seen the last 2 weeks were definitely much greater but failed to stand out. Further more, while it has by last week opened higher than the week before, reached a new height and fell below the previous close, it was not exactly something noticeably different. I was expecting a spike reversal and it had not happened.

However, both RSI and Stochastic indicators are reversed downward with confirmation through divergence. These are strong indication of a trend reversal. However, my guess is that: like its overlord the STI, it should be going down for the a few weeks before moving back up.

Genting is presently supported at ... welll, I did not really see previous highs. But a previous low of 1.85 might indicate a support level there. The 21 weeks moving average on the other hand is supporting at 1.80.