Historical Movement
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1) GENTING shares breakout an upper resistance line which completed falling wedges on July 15, 2010. The first level of upward satisfaction as below: -
- RM7.870 - RM3.080 = 4.790
- RM6.200 + 4.790 = RM10.990
2) After it reached the first level of upward satisfaction, GENTING shares price had a great selling pressure and started to form multiple top-charting patterns with a lower low level (Point a, b, c, and d)
3) GENTING shares price breakout neckline, RM9.063 on Dec 12, 2014, so the downward satisfaction: -
- RM11.980 - RM8.687 = 3.293
- RM9.063 - 3.293 = RM5.769
4) However, GENTING shares price do not drop further to RM5.769 but it bounced back at RM6.510. Based on the time relativity theory, multiple tops charting patterns with 1063 trading days at the left-hand side will create great selling pressure on GENTING shares prices.
5) GENTING shares price formed double top-charting pattern and breakout neckline at RM8.429 on Sept 3, 2020. So, the first level of downward satisfaction: -
- RM7.501 - RM9.945 = -2.444
- RM8.429 - 2.444 = RM5.984
6) We noticed that GENTING shares price had a reversal pattern and stop fall at RM5.910 on Dec 11, 2018, then it formed a small W-shape charting and bounced upward.
7) In this study case, we considered it is an escape wave for investors who hold GENTING shares price at a higher cost. GENTING shares price continued downward pattern falling wedges. Again, GENTING shares price breakout the falling wedges charting pattern which meet the second level of downward satisfaction: -
- RM5.984 - 2.444 = RM3.540
Recent Movement
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1) After GENTING shares price meet the second level of downward satisfaction, RM3.540, it formed island inversion charting pattern and bounced upward on Mar 20, 2020.
2) GENTING shares price formed an upward trend on Mar 31, 2020, and have a breakout on Jun 2, 2020. However, the shares price unable to sustain the breakout and drop below the previous high-volume trading day on Jun 9, 2020 (Volume 21.945M) at the next 2 trading days.
3) Furthermore, GENTING shares price dropped below an upward trend on Jul 9, 2020.
4) Based on vertical volume charting, we able to notice that most of the trading volume concentrated at RM4.050 since the previous lowest point, RM2.910.
5) Therefore, if GENTING shares price unable to sustain above RM4.050 and/or bounce back to an upward trend, it has a great chance to reach a lower price level at RM3.645.
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