GENM | Bottom formingToday's price down with high volume are mainly created during the day bottom price. High volume with price stays the same is a sign of bottoming for our analysis.
However, do take note that this is just a sign of price bottoming. It is not a sign of rebound yet. To catch the rebound, we will need to monitor the upcoming trading days price & volume for any sign of big boys have intention to mark the price higher.
GENM
Genting Malaysia waves updated 26 May 2021Due to the lock-down, with "very serious" of covid 19 climbing up cases.. Genting Malaysia's Casino and its Newly Theme Park still waiting for its post pandemic "recovery business".. Genting Malaysia Monthly maybe is forming a wedge pattern.. Possible bottom around Rm1.00
GENM - Wave 2 AwaitingGENM
Rst: 2.78
Spp: 2.33
Candlesticks continued to form above upper BB, and even breakout from MA200 the critical resistance trendline means the stock can expect another upside wave, there’s a say gap created will always be filled up but I think not for this case, it will not always happen.
GenM 21/6/2020 by Newbie Trading Channelgenm 21/6/2020 overall this 2.810 resistant area is a very strong resistant area, it is resisted by the downtrendline and also the support turned into resistant here, if this 2.810 area can break we can see a potential upside to 3.400-3.500 area
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GENM - Low Enough to Forge Rebound?GENM - Many may doubt whether the hard-hit stock is at the right point to go for bottom fishing. Well, based on technical, stock that's being punished below 200-days MA (crucial supporting trendline) will take some time to recover & will need strong catalysts in terms of fundamental/ news flow to do so. The bigger picture still heading down.
But, is there something positive we observe now? Yes, there's potentially RSI bullish divergence in formation. However, we expect further downside is possible, which if happen shall lead to stronger & firmer formation of RSI bullish divergence. At that point, it can be considered a "Go Signal". Most possible answer is - Wait now, wait for stronger RSI divergence, wait for 2.76 again.
Current support at 2.76
Strong resistance ahead at 3.25
Disclaimer: Analysis shared here is purely for educational & learning purpose, it does not induce any intention to purchase or sell. Further action or execution shall be consulted via experts. Trade at your own risk.