Ever since the Genting stock price touched its historical high of S$2.34, it has then undergone a series of downward consolidation within $0.200 price channel. The recovery from the 3 months low from S$1.85 provided some hope to breakout of the consolidation channel but the divergences in both its daily volume and MACD were signs of disappointment. Watch out if prices falls back below $2.00 which the next support could be S$1.80. Good entry and accumulation remains within $1.80 – $2.00.
Genting.SP stock has all along been seen as a proxy investment of Singapore GDP growth. But the recent outbreak of tightening rules of funds junket should have some near term implications of high stake rollers. Nevertheless, the long term outlook should remains quite favorable.
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