Genting SP (G13): Pending Breakout from Rectangle Consolidation [Technical; Breakout]

Rectangles represent a trading range that pits the bulls against the bears. As the price nears support, buyers step in and push the price higher. As the price nears resistance, bears take over and force the price lower. Nimble traders sometimes play these bounces by buying near support and selling near resistance. One group (bulls or bears) will exhaust itself and a winner will emerge when there is a breakout.

 

Immediate Support: 1.705

Immediate Resistance: 1.785