On Monday, Genting SP broke the resistance at $1.22 and closed at $1.23 with HIGH volume of 33.23 million shares traded.
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: $1.31
Immediate Support of Genting: $1.22
Since April 2011, prices have been trending downwards forming lower high and lower low. This is a LONG TERM bearish signal.
The resistance at $1.31 is expected to be strong.
We do not suggest buying Genting due to its long term bearish signal. In fact, the current rebound could be only a short term covering for the bears.
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