After testing the pink support Genting closed with an indecisive doji candlestick. Further upward movement will be restricted by the following potential resistances :
1. 200 SMA
2. 200 EMA
3. Green Pitchfork Median Line
4. Neckline Support turned resistance line
5. Upper resistance boundary of the green pitchfork
With the release of grim news after the market closed that Genting posted a full-year net loss of $277.6 million, more than double the $124.8 million in 2008 and that revenue fell 22 per cent to $491. 2 million there is a high chance of a retest of the immediate pink support.
A breakdown below the 90 cents will result in a test of the following probable supports :
1. Lower green support boundary of the green pitchfork
2. Purple support line
3. Pale green support line
4. Complex head and shoulders measured move projection support at around 70 cents
Stay alert and be nimble if you need to take a bet on this bear casino.
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