Genting SP: CIMB Technicals refers to its previous buy call (26 Aug), where it noted that upside would likely be capped by the larger downtrend channel support turned resistance at $1.78-1.80.
Says share price hit a high of $1.75 yday before turning lower. Believes it is possible that the rebound may have ended. While both indicators are still in mildly positive mode, the house sees more downside risk now compared to its potential reward.
Believes that a rebound (if any) would be a good opportunity to lock in recent gains. Longer term, notes the downtrend could take prices back below the $1.455 low into the $1.25-1.35 range.
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