Stock Pick of the Week - Genting International

Hope everybody made money with the last example on Hong Fok. Its currently standing at 1.79, an almost 20% from the price in the last post. That was a very classic Elliot Wave 4 Buy example.

This week's illustration will be on Genting International. This counter has been rather quiet on the newsfront after it made headlines with the International Resort (IR) last year. Stock has retreated to it's current price of $0.94 after it made it's high of $1.2 with the IR news.

Currently, it's forming a very nice symmetrical triangle with the height of the triangle stretching some 6 months long. Support for the stock stands at $0.92 and assuming a conservative price target of the previous high ($1.2), we're looking at a whopping reward-risk ratio of more than 10:1.

In terms of fundamentals, Genting has some very nice cashflow after divesting it's non-core and loss-making asset - star cruise. Business at their resorts in the highland has been booming with close to full occupancy rates during this summer holidays (those who have went there for a holiday with their families would know exactly what i meant). I've went in for 10 lots myself at 94cents a piece but bear in mind, this is not an advise to buy. Do conduct your own due dilligence before any purchases.

Other than genting, friends who know me will also know that i'm also bullish on the marine sector, on commodities and on china environmental stocks. But these will probably be saved till the next time i post ........................... till then,

Happy Trading!