Technical Pulse: Genting Singapore Ltd July 8, 2019

 

Support 1: 0.96                       Resistance 1: 0.855

Support 2: 1.12                      

Genting Singapore share price has been bearish since the start of 2019. Based on our technical readings, the stock is expected to head lower as the strong descending triangle formation has been completed. To add on, the stock is currently trending below all three major moving averages and this is a strong indication of bearish sentiment.  

Separately, we favour shorting at the support level 1. There is a better risk reward ratio and much more potential to gain from the price movement. Also, there is a strong area of selling located in that zone.

 

*Should the stock breaks the top of the Descending triangle by two candle bars; then the descending triangle will be invalidated.

 

CHART LEGENDS

Red line = 200 periods moving average

Blue line = 50 periods moving average

Green line  = 22 periods moving average

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Profile photo of Chua Wei Ren

Chua Wei Ren
Technical Analyst
Phillip Securities Research Pte Ltd

Wei Ren specialises in Technical Analysis and has 9 years of experience in studying classic technical price action. He also study and research extensively on Elliott wave theory, Dow Theory and Supply & Demand strategies as he believes that history plays an important role in how the market is reflected in the future.

He graduated with a Bachelor of Economics and Finance from University of Murdoch.

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