Genting under selling pressure, says AllianceDBS Research

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KUALA LUMPUR (Sept 19): AllianceDBS Research said Genting Bhd (Genting) had on Sept 18 broken below the RM5.81 support to reach a low of RM5.73 before rebounding to off the day’s low at RM5.80 (down 4 sen or 0.68%).

In its evening edition Sept 18, the research house said Genting continued to trade below 20-day (blue) and 50-day (red) moving average lines.

It said following the down close on Sept 18, the stock is likely to move lower with immediate support at RM5.70.

“A fall below RM5.70 would put pressure on the stock down to the subsequent support at RM5.60.

“The hurdle is pegged at RM5.81. A crossover of RM5.81 should see further price rise to the next overhead resistance zone, RM5.91 – RM6.00,” it said.

AllianceDBS Research said stock volume traded on
Sept 18 was 8.17 million shares compared to the 3-month average volume of 4.93 million shares.