Genting rises to highest level since November last year on positive technicals

Genting rises to highest level since November last year on positive technicals
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KUALA LUMPUR (May 20): Genting Bhd’s share price rose to a high of RM4.93 on Friday (May 20) morning, the highest level since it traded at RM4.94 on Nov 25, 2021. 

At 10.08am, the counter pared some gains and was up four sen or 0.82% at RM4.90 with 2.48 million shares traded. 

JF Apex Securities Bhd said Genting rose 22 sen and closed at RM4.86 on Thursday to break the 200-day moving average.

In a technical stock pick note on Friday, the research house said the gain broke the downtrend from RM5.27 in October 2021. 

“Technical indicators are encouraging as the relative strength index (reading at 69) is climbing towards the overbought zone while the moving average convergence divergence is rising above its signal line in the positive region.

“For the downside, we advise traders to cut loss if the price falls below the support of RM4.52, marked by its 100-day moving average,” JF Apex said. 

Currently, Genting's market capitalisation is about RM19 billion. 

Surin Murugiah