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

Just yesterday, we highlighted that Genting could be in for a major change in trend should the critical RM9.18 trigger  line be taken out. On the same day, the share price rose 14 sen to rank among the top gainers on the FBM KLCI, ending the day at RM9.30. The bullish move confirms the much anticipated “Rounding Bottom” reversal pattern and we believe that its 7-month downtrend has come to an end. Additionally, the short and medium term moving averages have also completed a golden crossover to compliment the positive technical indicators with further upside targets at the next resistance levels at RM9.50 and RM9.83. Downside support in the meantime can be found at the former resistanceturned-support level at RM9.18, and RM8.85 where the 20- and 50-day SMAs are located.

Source: Kenanga