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CapitaMalls Asia: Triangle resolved.

Wednesday, June 16, 2010

CapitaMalls Asia's triangle has resolved itself to the upside, breaking resistance at $2.14, reaching a high of $2.18 before closing at $2.17.  Volume expanded nicely as well. The MACD has crossed into positive territory while the MFI formed a higher high.  The OBV has turned up slightly too.

Immediate resistance is at $2.19, an important support level created in February this year. The declining 100dMA is another resistance level at $2.21.  This coincides with another downtrend resistance line with its peak on 12 March 2010. So, the resistance band from $2.19 to $2.21 is likely to be a strong one. 

The rise in price today probably galls people who have cut their losses or taken profits earlier at lower highs but is a boon for people who have been holding on to their shares.  It is probably also tempting for some to go long now thinking that we are seeing the start of a new uptrend.

What do I think? Well, although volume expanded today, technically, I still see a negative divergence between price and volume.  This does not mean that price cannot go higher. However, the upside might be limited by the resistance band from $2.19 to $2.21. The MFI has been forming higher highs and higher lows and at 71.3% is not far from the overbought region.


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