Genting SP breakout

Happy new year to all!

Yes, i have not posted for quite a while due to work commitments but i have not stopped trading. I have every intention to keep the blog going but it is tough to post on a higher frequency. I have also adjusted my trading style towards Swing trading as i do not have sufficient time and capacity to monitor the shorter time frames.





Lets move straight to the analysis. Genting has been consolidating after the fall in November 2011, showing the typical signs of exhausted selling and good buying setups. Friday's closing placed the stock at 1.595, a breakout from both the cosolidation period as well as from the initial fall in November. The stock is ready to move up.
The immediate target for next week is 1.64, which is a gap fill. There should be profit taking after that. I believe traders can wait for a pull back after hitting this level to load for the next run up to 1.74. There is currently obvious institutional interest in this stock and it could be due to the upcoming result release. Nevertheless, the chart definitely looks good.