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CapitaMalls Asia: Weakening technicals.

Sunday, June 27, 2010

CapitaMalls Asia broke out of its symmetrical triangle on 16 Jun on higher volume. It then went on to break resistance provided by the declining 100dMA which coincided with the trendline resistrance on 21 Jun. It was not able to advance much further and I suggested looking at the 100dEMA which made it clear why it was so.




In the last session, support was provided by the rising 20dMA and a short white candle was formed. The 20dMA in recent sessions has merged with the trendline support and, theoretically, should be a strong support.  This is the third time this trendline support has been tested.  If a trader had bought some shares of CapitaMalls Asia each time its price tested this trendline support, he would have made some nice gains.  So, is it time to buy again?

If we look at the RSI, the uptrend is intact, which suggests that price is rising at a sustainable pace. However, a lower high was formed recently. So, a loss of momentum is being registered.

In recent sessions, volume rose as price retreated. So, let us look at the MFI which accounts for both price and volume. Here, we have a less optimistic picture as the MFI has clearly broken its uptrend. This suggests that demand has dropped and that more selling is underway.  This is a major difference from when the trendline support in question was tested twice before. In those earlier tests, the MFI was still uptrending strongly. Technically, the picture is weaker now.

Resistance has been established at $2.22 and immediate support is at $2.14.

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