Yes I think so too,  0.71 is good deal !! 

* Shares in Genting Singapore fall as much as 21 pct

Stock reverts to key historic trading 68.5c to 77.5c band after near

tripling from 32c low last year to 91c

Support 66-68c     Resistance 76-77.5c

Today’s 21% crash from 86.5c to 68.5c low has brought the hot counter back to its pre-breakout range. It is likely to remain traders’ favorite whenever it slips below 70 cents again with strong support at 68c followed by the half way mark of the surge from 41c year’s low to 91c ie 66c.

If measured from last year’s 32c low, a 38.2% retracement from 91c takes it to 68.5c (today’s low), coinciding with 2007 close. Last year’s

high was 69.5c thus this area represents strong support. In the event of a deeper correction, 66c should be a good entry as it is the half way mark of this year’s high/low, although it is not a multi year figure.

It is unlikely the correction will be so severe as to bring it back to the half way mark between 32c and 91c which is 61.5c, near 2007 low of

60c. The 50-day MA, a strong support, is currently also at 62c. Meanwhile, the first wave of the rally from 41c halted at 64c with the

second wave from near 60c at end-April to 77c followed by the third wave from mid-May began at 68c.

However, in one fell swoop, GS has plunged below the 13-day MA buy signal (76c) today. The highly overbought state (RSI at 79 this

week) is being corrected at 52 today. The 7-days is even lower at 43.8, on par with the low at end-April prior to the surge from below 60c to 77c and then to 91c.

As for the upside, 74-77.5c representing 2006 close/high and 2007 opening may be the near term cap. The big gap created today between 85.5c low yesterday and 74c high will in time be covered as the medium to longer term technical picture remains positive.

The monthly MACD which has turned up since March and has nearly cut its MA which would be a bullish signal. If the selldown slows in

coming days there is a potential for a bullish cut and thus a resumption in the rerating of the stock.

Don't panic.

Placement of shares where the family/directors/substantial shareholders sold their shares directly to institutional buyers and not in the open market is normal, it’s an option for them to raise more capital. Such deal did not happen overnight, it had to go thru days/weeks or longer time of negotiation behind close doors, arriving at a price where the buyer & seller think it’s fair price. Then there’s a regulation where such deal had to be announced within a time frame, by this time the share price had already surged probably due to other external factors like the media coverage of Macau thingy, etc. It’s unfortunate if you hv bought it at over 0.90 for this round, but at the end of day, don’t sell if you lose money, you are investing, not gambling.

Why not buy from the open mkt, they can if they want to, but big time investor usually buy off mkt & directly from existing substantial shareholders, in order to buy big volume without creating unnecessary attention.  

This situation is similar to the recent rally to drop, then back to stable of AusGroup. In current mkt, there will be a lot more deal such as this where institutional buyers or big time private investors’ appetite & confidence have returned.