Kenanga Research & Investment
Highlights / Stock Picks of the Day - Genting Berhad (GENTING) – Not Rated
GENTING’s share price surged 5.3% (+47.0 sen) yesterday on strong volume to close at RM9.37. Bulls seem to be overpowering the bears after its recent sharp correction with its 20-day SMA crossing above its 50-day SMA, forming a bullish ‘Golden Cross’. While
still in negative divergence under the Signal line, MACD has started to hook upwards. Post the recent sell-down in the stock, buying momentum seems to be recovering with both its Stochastic and RSI indicators rebounding off the oversold zone. We believe that
this could be more than merely a technical rebound and GENTING could retest the RM9.55 (R1) fairly soon. Should the bull run endure further, the stock could be primed to test the RM9.76 (R2) level.
Source: Kenanga
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