Since the time Chinese President Xi commenced his anti corruption campaign in China, Genting Singapore along with Hong Kong listed casinos operating in Macau have been fairly poor.
As can be seen from the daily and weekly charts, the overall trend has been to the downside, though there are some tentative signs that it might be attempting to turn around.
Genting Singapore closed the week the week at $0.765, which is both the 20 day MA and middle of the Bollinger Band. The easing this week has been on declining volumes, however it is difficult to determine if it could also be due to the overall quietness in the market, where participation is light due to it being the end of the year. Should the next support level of $0.755 be breached, the counter could drift to the lower limit of the Bollinger Band which currently resides around the $0.735 level, followed by the previous low of $0.695.
The immediate resistance range for the counter to overcome is $0.77 to $0.785, preferably with large volume supporting, this would suggest $0.83 as being the next price objective.
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