Highlights / Stock Picks of the Day - Genting Malaysia ("GENM")

Earlier last week, GENM's share price corrected from a high of RM3.80 to RM3.60 on a single day flash sharp drop. The share price subsequently traded sideways in a string of "Spinning Tops" and "Doji" candlesticks, which portrays indecision. On Thursday however, the share price eventually broke out of this congestion zone with the formation of a "Bullish Engulfing" pattern on subdued volumes. The move indicates that the selling pressure has alleviated and that the share price is ready for an uptrend resumption. Investors who had previously missed the boat may now look to buy into the stock, with strong support provided at RM3.60 while on the flipside, the overhead resistance can be found at RM3.80.

Source: Kenanga