Genting Stock Chart 11/11/2010

Genting SP
11/11/2010

So... I was right on China Paper hitting my target price (determined by charting) of $0.165. I believed it will pull back slightly and now go into consolidation or go further up in price due to good fundamentals. I have only realised recently that although fundamentals are important, technical analysis are the indicators of when to buy and sell. Such is the thing that i experience after 5 years of dabbling in the stock markets.

Nevertheless, lets take a look at the stock chart of Genting SP as at 11/11/2010. Genting has risen quite a lot ever since it posted its massive revenue increase in the Resorts world. And according to a market report by a brokerage, we discovered that Genting is raking in $10million A DAY! The fundamentals of genting is overwhelming and we believe it can really be a long-term stock that will one day go up to be like DBS that kind.

Nonetheless, as we take a look at the indicators in the chart, I discovered an Ascending triangle chart pattern and a "Hammer" candlestick is forming right at the top of the chart pattern. It then sell down in Huge Vol. around 50% more than the daily avg. vol. The following Candlestick is a "doji" signal and the MACD is also not showing any trend so i can say that people are still confused about which direction will Genting head in.

My advice? Wait for a few more days and see what happens. Sell once it breaks below the resistance line =)