Saturday, March 21, 2020

Technical Analysis Mar 2020: GENM (4715)


GENTING MALAYSIA BERHAD 

Observation from Chart:

GENM retrace down from RM3.30 to RM1.90 support level. (-42.4%)

Will it technical rebound @ RM1.90 level ?

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

Immediate support @ RM1.90 level.
If break RM1.90, lower low is confirm. Downtrend may resume.

Immediate resistance @ RM2.00 psychology level.
Subsequent resistance @ RM2.30 level.

Fundamental Outlook:
Tourist sector been hit hard by Coronavirus like GENM.
It may hit hard by movement control period which no operation for 14 days as well.
Expected the impact of local tourist (March school holiday) & international tourist may reflex in upcoming & following quarter result.

Source: Genting Highlands, Malaysia malls and other places that are eerily deserted due to the coronavirus-linked lockdown

Source: Genting Malaysia likely to be worst-hit in gaming sector during movement control period

Let's watch close for bottom fishing opportunity.

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