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This REIT's price action is testing 23c resistance, the upper end of the old trading range (20c to 23c). Looking at the trade summary, of the 58 trades done, more than half (36) were buy ups at 23c but the volume was only 260 lots out of a total of 2,339 lots which changed hands. This suggests to me that the buy ups at 23c lacked conviction. 23c is still a significant resistance to watch, it would seem.
Could 23c be taken out? The MACD has completed a bullish crossover with the signal line in positive territory. The MACD histogram buy signal has been confirmed. OBV is up, suggesting accumulation. MFI has formed a higher low, suggesting that the longer term demand is intact. There is a chance that 23c could be taken out. Then, the next resistance would be the recent high of 23.5c.
With all the daily MAs rising gently, this REIT could be on a sustainable uptrend and I would accumulate on weakness.
Related post:
AIMS AMP Capital Industrial REIT: Good value.
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