On Wednesday, Genting SP re-tests the support at $1.505 and closed at $1.505 with HIGH volume of 37.84 million shares traded.
A falling window occurred (where the bottom of the previous shadow is above the top of the current shadow). This usually implies a continuation of a bearish trend. There have been 3 falling windows in the last 50 candles–this makes the current falling window even more bearish.
RSI & MACD are bearish though RSI in oversold region.
Currently prices are well below 20/50/100/200 days MA.
Immediate Resistance of Genting SP: $1.565
Immediate Support of Genting: $1.505
Genting SP has clearly ended its uptrend when prices gap down below the rising trend line on 11/May. This is a bearish signal and triggered more selling pressure.
The resistance at $1.565 is expected to be strong.
We would not suggest buying Genting SP for …