On Thursday, Genting SP re-tests the resistance at $1.705 and closed at $1.685 with LOW volume of 28.81 million shares traded.
An engulfing bullish line occurred (where a white candle’s real body completely contains the previous black candle’s real body). If the engulfing bullish pattern occurs during an uptrend, it may be a last engulfing top which indicates a top. The test to see if this is the case is if the next candle closes below the top of the current (white) candle’s real body.
RSI & MACD are bearish as MACD about to perform a “cross down”.
Currently prices are well above the 20/50//200 days MA at $1.655.
Immediate Resistance of Genting SP: $1.705
Immediate Support of Genting: $1.655
Since Nov 2011, prices have been trending on a rising trend line forming a higher high and higher low. There are possibilities …