Genting Singapore – Losing out due to opening of Marina Sands?

Trend: Downtrend, 20ma down, MacD below 0

Support: 0.845, 0.81

Resistance: 0.885 (20ma close), 0.915 (50ma close)

Observations:
Candlestick – One long black candle.
Histogram – 4R. No Bullish divergence
RSI – Around 40%. No Bullish divergence
Stochastic – Bullish crossover yet to form and is over sold.
Bollinger Band – Out of lower band.

Conclusion:
Despite the opening of it casino operation in Sentosa, Genting Sp failed to trade above the important 200ma line. What is worse is that before it gets to test the 200ma line, it starts to form downtrend. For almost 3 weeks, it failed to trade above the support turn resistance level of 0.915 and formed a lower high there. Confirmation of the continuation of its downtrend happens when it broke the most important support level of 0.885 level.
This implies a downward movement towards 0.845 support, the candlestick indicates that reaching that level is possible. Indicators too are yet to show any bullish signs.
Shorting right now could mean limited downside as stochastic and Bollinger band indicates oversold situation. Hence, it will be better to wait for a rebound to 0.885 level and look out for a formation of bearish reversal candle or even bearish signals.

*Disclaimer applies