Genting SP: Weekly oversold at Fibonacci level

Weekly chart shows Genting SP is now oversold at the 38.2% Fibonacci level.
Price has been range-bound within the 38.2% and 61.8% levels for the past 6 months or so.
Seek to enter long at support level when oversold.

Cut-loss of support fails, target to take profit at 61.8% Fibonacci level ($1.77).


Outcome:

20 Jun: Opened LONG at $1.445
13 Jul: Closed at $1.360
Reason for closing: Price did not rebound from 38.2% Fibonacci level as anticipated, with 3 consecutive weeks closing below the support level.
Loss $0.085, 5.9%