Saturday, December 1, 2018

Technical Analysis Dec 2018: GENM (4715)


Observation from Chart:

GENM retrace down from RM5.30 resistance level.

Will it form technical rebound @ RM2.00 psychology level ?

Other indicator:-
MACD at negative region, downtrend sign.
Stochastic %K on oversold region.

Immediate support @ RM2.50 level.
Subsequent support @ RM2.00 psychology level.

Immediate resistance @ RM3.00 psychology level.
Subsequent resistance @ RM3.03 level.

1st gap down: Budget 2019 announced
Annual gaming licence fee for casinos to be raised from RM120m to RM150m; gaming tax on casinos to be raised to 35% of GGR

Gaming machine dealer's licence to be raised from RM10,000 to RM50,000 per year; tax on gaming machines also up from 20% to 30% of gross collection


2nd gap down: Fox, Disney Get Sued for Backing Out of Theme Park Deal

30 Nov 2018: Genting Malaysia suffers largest ever quarterly loss of RM1.49 billion and RM1.8 billion impairment

How will market re-act? Will it form 3rd gap down?

Let's watch closely for opportunity.


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