Highlights / Stock Picks of the Day Genting Berhad ("Genting")

On Tuesday, Genting was the top gainer on the FBM KLCI, bucking the trend with a 13 sen advance to RM9.16. Genting is in the midst of forming a "Rounding Bottom" reversal pattern. The upward move on Tuesday has brought the share price within close distance to the RM9.13/9.18 trigger line, where a convincing breakout will serve to confirm the end of its prior long term downtrend. The share price has also penetrated the 20-, 50-, and 100-day SMAs, which indicates a shift in the technical picture from bearish to bullish. Should the share price manage a breakout of the RM9.18 resistance, further gains may be expected towards the 38.2% Fibonacci Retracement Level at RM9.50, and further  up, RM9.83. Downside support remains capped at RM8.85 and RM8.50.

Source: Kenanga