Technical Pulse: Genting Singapore Ltd June 11, 2020 1544

 

Genting Singapore (SGX: G13) upside rally has paused since prices broke out of the consolidated range in early June. The upside was limited as the technicals are displaying signs that the bulls are lacking the momentum. The share price is poised to correct downwards.    

  1. The stock’s strong bearish candle has broken below the rising wedge and the consolidating phase between $0.810 and $0.850.
  2. Price has failed to break above the resistance of $0.850 despite multiple attempts.
  3. Coincidentally, prices also rejected below the 200 days moving average, signalling that the longer-term downtrend is still intact.

 

 

*Timeline of the trade should be between 1-3 weeks from the date issued.

* The support level at $0.785 remains a crucial level. Should price reverse strongly and stay elevated above the support level for 3 consecutive periods, the price will likely test the high at $0.90.

 

CHART LEGENDS

Moving average

Red dotted line = 200 periods Moving average

Blue dotted line = 50 periods Moving average

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