Genting Likely Test $1.74 Level
The financial markets across the globe have been hit by the powerful quake and tsunami that hit Japan. And with problems in the Middle East yet to be resolved, extreme selling pressure caused most markets to lose all the gains that were made in 2011 so far.
Genting Singapore is no exception.
The stock hit a high of $2.35 in Nov last year and is now at $1.88, resting nicely at the lower boundary of the 20 day Bollinger band. The MACD indicator for this counter is now below its signal line which is a bearish sign. ADX is also increasing with –DI clearly above +DI. This shows that a bearish trend might be developing.
Price action wise, the stock re-traced about 50% of its previous downswing from $2.04 to $1.88 before the current downswing brought the stock price back to $1.88. It is very likely for this counter to drop below $1.88 towards the Fibonacci target objective of $1.74 level. A stronger support should emerge at the $1.68 region