Genting Malaysia Breaks Ascending Triangle Resistance

After -18% dropped in August 2019, Genting Malaysia supported at RM3.00. The chart showed the stock refused to trade below this price and strong demands absorbed all the shares available in the market. In October 2019, the stock rallied and formed ascending triangle in two months. After the higher profit quarter result in November 2019, the stock continued to trade higher and broke ascending triangle resistance at RM3.25. The spring candle on 8th January 2020 retested the resistance and the positive outlook on this stock continued which rallied to RM3.36.

I reckon it is too high to buy this stock currently. Buy at the next retest would be a better choice.

Author: Gerald Koh