Genting SP

Genting SP: Sias Research note that charts tip traders could start buying Genting SP now, with tight stops, SIAS Research technical analysis says. On Nov. 14-15, an inverted hammer was formed consecutively with another hammer. This bullish reversal was further confirmed when price closed with a bullish Marubuzo last week, indicating that the reversal patterns are genuine. However, price is still capped by its negative cross moving averages. Oscillators remain flat with a slight positive divergence observed between price and momentum; RSI and Stochastic is gradually rising above their overbought level with MACD showing selling pressure subdued with buying momentum picking up. The stock needs to close above S$1.247, its 38% Fibonacci level, to confirm the reversal pattern's success, with a $1.267 near-term price objective. It tips immediate support at $1.20.