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Short Term Outlook For Genting Appears Bearish!
Trend Spotting | 19 February 2010
Related stocks:
G13
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.

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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


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