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AIMS AMP Capital Industrial REIT: A strong up day.

Monday, May 31, 2010

AIMS AMP Capital Industrial REIT staged an impressive up day on high volume today.  It has been a long time since this REIT has had a white candle day on such high volume. Immediate resistance provided by a confluence of MAs was taken out at 21.5c as it closed unequivocably at 22c.  There were quite a few big trades today:

9.07 AM at 21c, 1,086 lots bought up.
9.28 AM at 21.5c, 1,185 lots bought up.
11.59 AM at 22c, 1,821 lots bought up.

It is my guess that this REIT has attracted the attention of more funds and big time investors. Something might just be brewing. The OBV is rising strongly, a sign of heavy accumulation.  The MFI is rising towards 50%, a sign of positive buying momentum.  The MACD has turned up sharply towards the signal line, ready for a bullish crossover in negative territory. Unless the MACD crosses upwards back into positive territory, what we have today could just be a rebound although the very high volume is encouraging.

A further upmove in price should test 23c, a many times tested resistance level, once more. Is this REIT going to move up out of its trading range finally?  Only time will tell. 

My strategy in a rangebound situation: Sell into strength at resistance and accumulate on weakness at support.  I sold the units I collected at 20.5c last week at 21.5c resistance for a quick gain today.  I am queueing to sell more at 23c, the top of the trading range, tomorrow. 23c is a long term resistance and would be harder to overcome. If I do manage to sell more at 23c tomorrow, I would be left with 75% of my original position which I would leave to enjoy any breakout if it should take place. Always hedge.


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