Genting Sp rallied to 2.09 today, looking at the chart the price has just hit the upper channel resistance. There will be 2 possibilities:1) It hit resistance, turn around and continue it's downtrend.
2) Breakout above the downtrend channel and continue to move higher(trend change)
For effective breakout we have to observe the chart movement for the next few day.
a) price move above 3% of the resistance line
b) price accompanied with high volume
c) Price continue to stay above for next 3-5day
d) price did not drop back into the downtrend channel for next 10days(sideway consolidation)
The stock will confirm the trend change when it make a "higher low"
Technically speaking, the above criteria is hard to meet unless the stock is really very strong. Hence for short term investor, we should consider to sell (half) when stock reach resistance. Buy back when the trend is confirm.
