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CapitaMalls Asia: Downtrend continues.

Friday, July 2, 2010

CapitaMalls Asia: I warned that the retest of trendline support on 25 Jun could turn treacherous. On 27 Jun, we looked "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."

Anyone who heeded the warning delivered by the MFI would have been spared some losses. Has the picture changed? Well, if anything, it has deteriorated. As price declined from the high of 23 Jun, volume has expanded. MACD has dipped into negative territory while all the momentum oscillators continue to decline. Momentum has turned negative. MFI suggests that demand is much reduced.  RSI suggests that the speed of decline has accelerated. OBV suggests ongoing distribution. Immediate resistance at $2.07 and the next support is at $2.00.

Related post:
CapitaMalls Asia: Weakening technicals.


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