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Genting Might Fall Lower
Trend Spotting | 18 February 2010
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By: Xavier Lim
Articles (51) Profile

Genting Singapore PLC (GS) received its casino licence on 6 February and opened its casino to public on 14 February. However, all these good news did not push up its share price. Instead, share price kept falling, probably because investors have already factored all these news into the share price since the market rebound.

Looking at the 15-day hourly chart, GS formed a dark cloud within the 1st hour after GS announced that it has received a casino licence. Thereafter, a bearish long day candlestick pattern was also formed, indicating that traders are more willing to sell.

On 18 February, GS continued to fall on the 1st hour of trading, following yesterday’s last hour decline. We expect GS to find immediate support somewhere at $0.975. Any rebound will be capped at $1.00. However, as the RSI continues to trend lower, staying on the 20% mark, we view that there is probably a good chance for a short rebound within the 2nd half of the trading day, before closing lower for the day.

Genting Might Fall Lower
Genting 15-day hourly chart
Genting 15-day hourly chart

Armed with an arsenal of investment knowledge, Xavier is the Senior Research Editor at Shares Investment.

Please click here for more information about this author.

Genting Singapore  0.890 +0.005 +0.56%   
Business: Develops, operates & mkts casinos & IRs globally, including Australia, M'sia, Philippines & UK. [FY18 Turnover] Gaming (66.1%), non-gaming (33.8%), others & invs (0.1%).

Insight: May-19, 1Q19, despite Co's non-gaming business reg... Read More

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