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.
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