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
Source: http://www.theedgemarkets.com/
2nd gap down: Fox, Disney Get Sued for Backing Out of Theme Park Deal
Source: https://www.bloomberg.com/
30 Nov 2018: Genting Malaysia suffers largest ever quarterly loss of RM1.49 billion and RM1.8 billion impairment
Source: http://www.theedgemarkets.com/
How will market re-act? Will it form 3rd gap down?
Let's watch closely for opportunity.
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