Friday, August 26, 2011

Genting SP

Genting SP: CIMB technical call. The stock is still in a downtrend but the house sees some potential for a rebound taking place soon.
Prices are now testing the downtrend channel resistance and a breakout could send prices higher to close the $1.60-1.645 gap. However, the upside is likely capped by the larger downtrend channel support turned resistance at $1.78-1.80.

The technical landscape is ripe for a rebound but not for a lasting bullish run. Hence, this is likely going to be only a bullish rebound. Aggressive buyers could choose to get in now with a tight stop placed below $1.48. Take profits quickly should prices reach the resistance levels mentioned above.

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