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CapitaMalls Asia: Another up day.

Friday, May 14, 2010

CapitaMalls Asia staged another up day on similar volume as the prior session.  I queued overnight to reduce exposure further at $2.12, not confident that this level would be taken out.  I also queued to sell at $2.17, two bids below the next resistance which was identified at $2.19, if $2.12 should be taken out.  Of course, both sell orders were done. I have a small position left. 



What will I do next? If the price moves higher to test the higher resistance level at $2.23, I would exit totally. If it does not and shows signs of a slide back downwards, I would also exit totally as it might go on to retest the recent low. The recent increase in price on rather low volumes lacks conviction and does not bode well for long only investors. I would watch out for the counter to form a base, lacking which, it should form a higher low, before I consider going long again.

This is the second counter I have cut loss on this year after China Hongxing.  In a way, it is good to lose some money after a long winning streak as it reminds me that I am human and that I make mistakes too.  Must not become overly confident which might really sink me one day.

I read somewhere that it is normal to give back some of our gains to the market when the trend turns.  The person being interviewed said to give back 25% of our gains is acceptable. Personally, I think that is too much. ;-p

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