Technical Pulse: Genting Sing Ltd July 13, 2018 841

Technical Buy

Genting Sing Ltd – Daily timeframe (Update from 9 April 2018)

*Entry Price: 1.26    Stop loss: 0.99   Take profit: 1.39

*Genting Sing has already been added to the “Phillip 20 Portfolio“ since 9 April 2018

Current Sentiment: Bullish

Support 1: 1.15                     Resistance 1: 1.32

Support 2: 1.02                     Resistance 2: 1.39

Price rose as expected after the last update and kick-started a new wave of buying. Despite the recent selloff since 15/05/18 as price hit a high of 1.33, the immediate and long-term trend remains bullish. The selloff was gentle suggesting that it is just a correction.

Furthermore, price is still forming a series of Higher Highs (HH) and Higher Lows (HL) suggests the uptrend remains intact.

The –13% selloff was halted around the confluence of support of 50% Fibonacci retracement level and 1.15 support area. Since rebounding off that support area, price has succeeded in closing back above the 20 and 60 day moving average. Moreover, the subsequent bullish follow through on 12/07/18 have also broken above the pullback line suggests the resumption of the uptrend.

Thus, expect price to head higher next to test the 1.32 resistance area by 1.39.

Join our telegram channel on technical analysis for trends, entry and exit prices over Stocks, ETFs, and Indices!

Featuring regular TA posts and requests to analyse specific stocks
Click to join!
Notify of
Inline Feedbacks
View all comments

About the author

Profile photo of Jeremy Ng

Jeremy Ng
Research Analyst
Phillip Securities Research Pte Ltd

Jeremy specialises in Technical Analysis and has 10 years of experience in studying price action. His areas of expertise include intermarket analysis on the equities, currencies, commodities and bonds market.

He is also a regular columnist on The Business Times - every Monday ChartPoint column.

He graduated with a Bachelor of Science in Banking and Finance from University of London.

Get access to all the latest market news, reports, technical analysis
by signing up for a free account today!