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Sunday, February 28, 2010

Genting SP

Genting SP is a good example where a text book perfect setup is not infallible !

On Feb 19, Genting closed with a bullish star. The next day, the bullish star turned into morning star ( circled ) - a pretty strong bullish reversal candlestick pattern. Unfortunately, the next four days' move has proven the technical signal wrong. On Friday, my stop loss at $0.88 was triggered. When I relook at the chart today, I think my stop loss should have been placed at $0.87 instead (see the thick blue line). 1 cent diff has caused all my profit gained from SembMar to have wiped by Genting !

Despite the losses ( which was offset by the gain from SembMar ), I have no regret given this counter a try. The technical signal was so compelling and that it was text book perfect.

Anyway, if $0 .87 is taken, the next support is $0.78.

The Market:
STI has been a clear laggard since Feb 8 as compared to Dow, Nasdaq, S&P500, Nikkei, Hang Seng...etc. The current market has no doubt frustrate many traders ! The levels to watch remained a break above of 2,800 ( bullish ) or a break below of 2,727 ( bearish ).