Forget Password?
  1. Indices
  2. Commodities
  3. Currencies
Straits Times 3,115.03 -11.06 -0.35%
Hang Seng 25,734.22 +238.76 +0.94%
Dow Jones 25,886.01 +306.61 +1.20%
Shanghai Composite 2,823.82 +8.03 +0.29%
Short Term Outlook For Genting Appears Bearish!
Trend Spotting | 19 February 2010
Related stocks:
By: Xavier Lim
Articles (51) Profile

Genting Singapore PLC (GS) announced that it has received conversion notices from bondholders for all of its outstanding convertible bonds due 2012 except for a sum of $2.7m. Hence, the recent fall is probably due to the concern of further dilution of the earnings per share value.

Immediate support line at $0.95. GS dived all the way from $1.02 to $0.95, the support of the 200-day moving average, which was easily broken on Sep-09. If GS falls through $0.95, we expect GS to trend lower again today to form another bearish long day candlestick pattern, stopping at around $0.90 to $0.88 (refer to the triangle on the chart). As we can see from the chart, GS is inside the downward trend channel. We believe that GS might hit around $0.85, the next support line, before turning bullish again.

The immediate resistance line will be at the 150-day moving average of $1.05.

View Full-sized Image

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  0.875 +0.005 +0.57%   
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

Join The Conversation
The Shares Investment editorial team welcomes constructive feedback on our coverage and content. We would also be delighted to answer any questions on the above article. Leave us a comment below, and we'll get back to you shortly!

All Rights Reserved. Pioneers & Leaders (Publishers) Pte Ltd. Best viewed with Mozilla Firefox 3.5 and above.