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CapitaMalls Asia: White spinning top.

Friday, March 26, 2010

A possible reversal signal is observed in CapitaMalls Asia's chart today: a white spinning top.  This has happened on the back of lower volumes as its price declined, suggesting a classic textbook case of a low volume pullback.  MFI has flattened while the OBV is still showing a gradual rise.  This suggests that the selling momentum has stalled and that accumulation is ongoing.

The 50dMA seems determined to act as the immediate support as its rate of decline slows.  The price action is caught between the 50dMA and the 20dMA which has flattened at $2.31.

Bollinger bands will squeeze as the volatility in price action falls.  The probability of an upward movement in price is higher than a downward movement in this instance.  The target of such an upward movement is the top of the base formation which is also where we find major resistance and that is at $2.55.


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