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CapitaMalls Asia: Uptrend broken.

Saturday, November 13, 2010

Connecting the lows of 7 May and 25 Aug gives us the uptrend support line of CapitaMalls Asia.  This support was retested on 8 Nov.  Price bounced off and went higher for a couple of days only to decline again. In the last session, the counter traded the whole day below this support line. The uptrend is broken.

The 20dMA, after completing a dead cross with the 50dMA, seems set to form another dead cross with the flat 100dMA.  The longer term 200dMA is still descending.

The MACD has formed a lower high in negative territory as it turned down away from the signal line.  Momentum is negative. MFI and RSI have both formed lower highs, suggesting a lack of demand and buying momentum. The OBV suggests continual distribution. All technicals confirm that the downward trajectory in price has some strength.

In the event of a continuing downward movement in price, stronger supports are at $2.04 and $2.00 thereabouts. Immediate resistance at $2.12.


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