Genting, Wilmar are entering clear support levels

From the chart, we can observe that there is very strong support in the S$1.00 to S$1.05 region. We are watching for price to crack this level, retest it as resistance and begin trending downward in the short term. This scenario is depicted with white arrows on the chart. Target is the S$0.90 to S$0.87 region.

Wilmar is in a similar situation as Genting. There is a divergence present and price has pushed downward to key support in the S$6.50 to S$6.47 region where we also have a trendline present. Price pushing below this region should indicate that there is a decent amount of selling coming in. Support is also present at the S$6.00 level.

We are anticipating potential shorting opportunities if price retests S$6.47 and S$6.00 as resistance after trading below them. Target region is S$5.20 to S$5.12 if the correction in global equities continues to unfold.