Genting HK – Another wonder in the making?

Trend: Uptrend, 20ma up, Macd above 0

Support: 0.25, 0.23 (20ma)

Resistance: 0.285, 0.30

Observations
Candlestick – Small white candle.
Histogram – 5Rs. No Bearish divergence is seen.
RSI – Around 70%. No Bearish divergence is seen.
Stochastic –No Bullish crossover yet. Oversold.
Bollinger Band – Closer to Mid band.

Conclusion:
Genting HK, formerly StarCruise, have been performing very well in terms of price action for past few weeks. Recently it had retraced and might be a good opportunity for a good entry point. On top of that, Genting Singapore had reported strong earnings yesterday which triggered a strong surge in the price today. So will Genting Hk keep up with its counterpart?
The trend of Genting Hk is currently uptrend and it is trading at the support level of 0.25. Based on the candlestick, it has started to form a white candle after numerous down days, which could mean that the support could be holding. Based on the indicators, they yet to trigger any bullish signal but Stochastic is showing signs of recovering from its oversold position. As bullish signal is yet to form, there is also another possibility that it might retrace further to the next support of 0.23 where there is a confluence with 20ma. 0.23 level will be a stronger support level for a higher low to be formed.
Going forward, if Genting Hk is to rebound off from either of the support level, it means the uptrend continues and could probably test the incoming resistance of 0.285. As it is an uptrend, the immediate resistance should be able to break and might test the next resistance of 0.30 level.
In conclusion, with such an upbeat sentiment on “casino” stocks, Genting HK might benefit from this sentiment. Based on its current level of 0.25, there could be a possibility that the uptrend will continue at this point in time. What is lacking right now is confirmation from the indicators.

What to watch out for this week:
1) Formation of bullish candle or bullish signal at 0.25
2) Retracing further to 0.23 level

Trading strategy to adapt right now:
- Long when bullish signal appears.

*Disclaimer applies