Monday, May 10, 2010

Genting Betting on Major Resistance Zone



22 Feb 2010
1st attempt to clear green major resistance zone

16 Mar 2010 to 22 Mar 2010
2nd attempt with multiple daily bars within the green band

30 Apr 2010
3rd attempt with shooting star candlestick warning of bearish pullback and the additional resistances from 100EMA and the upper red channel resistance

10 May 2010
Testing of triple resistances formed by green resistance band, upper red channel boundary and 100EMA in progress. A strong breakout above this major green resistance barrier will challenge the pink resistance band. If strong follow up buying continues the dark blue resistance barrier may be tested.

However if the bears wins the bet expect a retracement to the following probable supports

1. Pale orange belt

2. Lower red channel support

3. Light blue band

4. Critical lavender base support

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