Genting Singapore – Opportunity Soon?

Trend: Uptrend, 20ma up, MacD above 0

Support: 1.46 – 1.50 (Rising window), 1.30 – 1.35 (Rising window + 20ma)

Resistance: 1.68 (Historical high)

Observations
Candlestick – Short black candle.
Histogram – 4G1R. No Bearish divergence is seen.
RSI – Overbought. No Bearish divergence is seen.
Stochastic –No Bullish crossover yet.
Bollinger Band – At upper band.

Conclusion:
Genting Singapore has been in the limelight recently after it had announced its sterling earnings for its RWS. It broke upwards for historical high of 1.68 before it starts to retrace recently. Will this retracement become an opportunity to be part of Genting Singapore’s shareholding?
Despite a drop in price of Genting Singapore for the past few days, Genting Singapore remains uptrend. This retracement would allow Genting Singapore to form a higher low so as to build a base for the next upward movement. Based on the chart, there is a rising window being formed between 1.46 – 1.50 level. This rising window could be a possible support level for a higher low to be formed. Alternatively, if 1.46 – 1.50 level fails to hold, the next possible support would be another rising window of 1.30 – 1.35 level. 1.30 – 1.35 level should be a strong support level as it confluences with 20ma currently. Based on the indicators, some indicators had just triggered bearish signal and there could be a high chance that Genting Singapore should retrace further. On the other hand, it also shows signs of a bullish flag formation.
Therefore, it is pretty hard to determine which level Genting Singapore would be supported at. But we should be prudent for bullish signal once Genting Singapore reaches 1.46 – 1.50 level or 1.30 – 1.35 level.
What to watch out for this week:
1) Testing of rising window of 1.46 – 1.50
2) Testing of rising window of 1.46 – 1.50

Trading strategy to adapt right now:
- Look to long when bullish signal appears at either of the support levels.

*Disclaimer applies