They chose financial independence over home ownership.

This is somewhat extreme but watch how this Canadian couple chose financial independence over home ownership.  They are in their 30s and,...

Past blog posts now load week by week. The old style created a problem for some as the system would load 50 blog posts each time. Hope the new style is better. Search archives in box below.

Archives

"E-book" by AK

Second "e-book".

Another free "e-book".

Pageviews since Dec'09

FOLLOW AK ON FACEBOOK.

Recent Comments

ASSI's Guest bloggers

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.

0 comments:

Monthly Popular Posts

 
 
Bloggy Award