Genting - Results Beat Expectations, Could Retrace Before Rebounding

Results of Genting Singapore beat expectations! Second quarter 2017 EBITA up 152% year on year to $293m. DBS upgraded the stock with a new target price of $1.45, which represents a 23% upside.

In spite of the bullish call, this blog is short term bearish on this stock, seeing how insiders were buying ahead of the results. It could retrace to $1.14 in the short term before rebounding. Any break below $1.13 will be long term bearish.

All posts and charts are for educational and illustration purposes only

Genting SP

Genting just broke down from its uptrend. Downtrend could have just started. Last traded at 1.09, could be heading for next support at 1.03, 0.99 and 0.90. Tradeplan short at 1.09, Stop at 1.11, take profit at the 3 support levels.

All posts and charts are for educational and illustration purposes only

Genting SP

Getting ready for the down swing, Result due on 3 Nov could be affected by dismal tourist arrival during the Aug - Sep Zika scare. Technically sign of weakness is emerging and an imminent breakdown will bring it to 0.73 and 0.705 respectively.

For Illustration Purpose Only

All posts and charts are for educational and illustration purposes only

Genting SP

All posts and charts are for educational and illustration purposes only

Genting SP

All posts and charts are for educational and illustration purposes only

Genting Singapore

All posts and charts are for educational and illustration purposes only

Genting Singapore

All posts and charts are for educational and illustration purposes only

Genting SP

All posts and charts are for educational and illustration purposes only

Genting SP

All posts and charts are for educational and illustration purposes only

Genting Singapore

All posts and charts are for educational and illustration purposes only