Genting SP & Longcheer Update
Genting SPGenting SP managed to breakout from the downtrend line and resistance at $0.98. It hits the 200 SMA today at $1.03 and closed 2 cents below it. There may be profit taking after the strong showing today. $0.98 will now become resistance turned support. The good news is the weekly chart is now on Parabolic SAR buy phase ( bullish implication ). Again, do expect very heavy resistance between $1.03 ~ $1.05. Once cleared, we can expect further upside.
Longcheer Update
After breaking out from the Cup & Handle chart pattern per my previous post dated March 24, Longcheer rallied from $0.65 to $0.78 before a 'throwback' occurs and retraced back to $0.62. It seems like some action may be coming again now !
After breaking out from the Cup & Handle chart pattern per my previous post dated March 24, Longcheer rallied from $0.65 to $0.78 before a 'throwback' occurs and retraced back to $0.62. It seems like some action may be coming again now !
Many counters are looking set to have more actions over the next few days! NOL, SembCorp, Noble...etc. just to name a few !
Labels: Stock Pick
posted by Market Wizards @ May 12, 2010
Comments: 0
