Friday, September 24, 2010

Kopi-tiam market talk : Genting

Genting(click on the chart to view it larger) : On Wednesday, it touched 10.60 level, but closed about 10.40 level, to form an inverted thumb-tack. It is a reversal candle-stick, stating that it MIGHT start to reverse. The second observation is price up, volume down. This divergence is bearish, showing buying-power reducing and drying up soon. RSI(at 83) and stochastic showing overbought, so chances of it corrects is higher.

Today, it touched RM9.53, which is at the support of 9.60 level(horizontal -blue dotted line- and also coincide with 20MA -red line) and closed at RM9.75. It formed a nail ... which I like it technically(at support level). Very high volume registered today too, heavily traded at RM9.80.

If I m to queue today, i will queue at 9.60 level as that is its strong support level(using 20MA means for shorter term trade).

So, what is next? I m expecting it to rebound on Monday, chances is higher. So, what should I do? Buy on Monday the mommy Genting to ride on its current up trend or punt into one of its baby for short trade!!

SGX : There are many call-warrants and few put-warrants of GenS traded in SGX. We could play on the bullishness of GenS in KLSE with call-warrants but what about when it goes the lower? Either you short the mommy-stock or buy into put-warrants. Shorting is not allowed in KLSE(heard they are bringing it back? When lah, Bursa?). Short is just the opposite of LONG and put-warrant is just the opposite of call-warrants. Do not touch these instruments if you dont have the 'skills', high risk appetite and no knowledge about them.

Currently Genting's sister in Singapore is having a party, so Genting has been upgraded according. Personally I will still look into GenS-cw in KLSE.


1 comment:

Imoogi said...

Another sifu will touch 11k by 30th Sept...and then the next direction will depends on US corporate earning.
For bursa, today volume is 1.7b and retail players are in. Foreign players are in too...see some announcement on their buy like GAB and KNM...this is also due to upgrade of Bursa status. Next week more retail players will come in...i buy, u buy and i sell, u still buy...So happy week will be exciting.