Pending the opening of the Resorts World, Genting shares has been popular among investors. The volume has been significantly more than usual, fueling the stock price higher. I placed a stop order one bid above the 1-year high instead of just above the peak. The reason that I do this is to make sure the breakout is more reliable, but on the expense that I will get the stock at a higher price. It had a strong support at S$1.22, tested 6 times and finally succumb to the selldown on 22 Jan 10. Like many other stocks, there is a big group of bargain hunters buying up the stock, such that it closed higher than the open.
Bought 4,000 shares at S$1.21 on 28 Dec 09
Sold 4,000 shares at S$1.20 on 22 Jan 10
Commission = S$30
Financing charges = S$8.82 (S$0.49 x 18 days)
Loss = -S$78.82
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