Genting Malaysia Bhd (4715)

• GENM closed 1 sen or 0.33% lower to RM3.05 from last week’s close.

• Chart-wise, share price have retraced from its intraday high of RM4.00 as at end-July with strong support seen at RM3.00 level. Coupled with the upticks in stochastics indicator, there seem to be some buying support possibly breaking its consolidation mode to challenge the resistance level and move higher.

• From here, resistance levels are identified at RM3.20 (R1) and further to RM3.30 (R2).

• Strong support level is at RM3.00(R1) while failing to sustain the first level should see next support level at RM2.80 (S2).

Source: Rakuten Research - 23 Sept 2019