Genting Malaysia Bhd (4715)

• GENM closed 5.4% or 14 sen higher to RM2.74 yesterday.

• Yesterday’s share price saw a bullish breakout above key resistance levels coupled with positive signs in key momentum indicator RSI. We expect strong follow through buying momentum with news of the reopening of its casino business in Malaysia.

• Share price is expected to break its 200-day moving average line and possibly head towards RM3.00 and beyond.

• As such, resistance levels are expected at RM2.92 (R1) and RM3.17 (R2).

• On the downside, support levels are seen at RM2.66 (S1) and RM2.34 (S2).

Source: Rakuten Research - 18 Jun 2020