Sunday, February 10, 2019

Double Bottom on Genting Malaysia (3182)

When I was young, I love to go to Genting Highland for holidays. It is the only theme park in Malaysia back in 1980s. Today, it is still a darling for a lot of Malaysians for Cuti Cuti Malayisa destination.
Let go back to the stock for Genting Malaysia (3182), It trade at the down trend from RM8.75 since Sept 2018 till lowest RM5.92. From the chart it clearly showed that it completed the double bottom on 10 Jan 2019.

Technical Chart 1: Double bottom formation for Genting Malaysia (3182)

Since 10 Jan 2019, the price has move up tremendously. As of latest traded at RM7.11 on 8 Feb 2019. It is moving rapidly upwards. Next probable target could be
1st Target: RM7.45
2nd Target:RM8.00
3rd Target: RM8.75
Technical Chart 2: Genting Malaysia (3182) continue to move upwards
Technical Chart 3: Genting Malaysia (3182) past year trend

From the Chart 3, it shows that in year 2009, 2012, 2015 and 2018 has dropped and climb up again. The recent 3 dipped are in year 2012, 2015 and 2018, the price has showed lower low.
Posted by at
Labels:

2 comments:

  1. ehooiFebruary 20, 2019 at 10:32 PM

    1st TP arrive!! Great

    ReplyDelete
  2. Alpha PatternsFebruary 22, 2019 at 7:58 AM

    Congrats to those who bought it.

    For short term traders, do follow your initial objectives and target rate of returns. It will attempt to challenge the 200 days MA at 7.70

    For investors, your current entry is well below its intrinsic value as long as Genting continues to pay dividend. As it is currently at overbought region, we may see consolidations in coming weeks and you will have opportunity to add positions by then.

    Good luck and all the best!!!

    ReplyDelete

Subscribe to: Post Comments (Atom)