Genting Bhd
is experiencing a spurt of recovery momentum, having risen this past week to challenge the 50-day simple moving average.
The momentum indices have spiked with the slow-stochastic now flashing an overbought level of 92 points, although it is showing no sign of slowing. In other indices, the 14-day relative strength index (RSI) has climbed to 62 points while the daily moving average convergence/divergence (MACD) histogram is trending higher in a bullish pattern.
In anticipation of further recovery, the share sees higher resistance at RM3 and RM3.53.
Support is found between RM2.21 and RM2.35, which marks its lowest closing levels in recent memory.
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