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CapitaMalls Asia: Testing historical low.

Thursday, December 16, 2010

On 9 Dec, I mentioned: "Closing at $1.92 is at support provided by the 138.2% Fibo.  38.2%, being one of the 3 golden ratios, is quite strong and if it breaks, the other 2 golden ratios are 50% and 61.8%.  The 150% Fibo and 161.8% Fibo lines are at $1.88 and $1.85 respectively. If the selling pressure keeps up, we could see prices go to those levels. Then, I would be sorely tempted."


Price formed a wickless black candle as it tested the counter's historical low at $1.91. The difference? On 7 May, when $1.91 was touched, a white candle was formed. It looked like a white spinning top with a long body which was a potential reversal signal and it delivered. This time round, a wickless black candle was formed as price closed at $1.91. The picture is more bearish now, for sure.

With all the momentum oscillators forming lower highs and the OBV showing obvious distribution, going long on this counter now would be most risky. Any upmove could simply be a rebound from oversold conditions and would find immediate resistance at $2, a recently many times tested resistance level and it is also where we find the declining 20dMA. I have my eyes on $1.88 and $1.85 as possible fair entry prices.

8 comments:

Anonymous said...

Today it drop to 1.85.

TN

AK71 said...

Hi TN,

My overnight BUY queue at $1.85 was filled. :D

Anonymous said...

Hi Ak

how low will Capital Mall Asia go ?? Looking at the vol today, look like not hit the bottom yet..

Anonymous said...

Hi AK,

Our second common counter besides HLS. Got it at 1.84 today. =) have a good holiday season!

LZY

WK said...

why is it dropping so much? any bad news?

AK71 said...

Hi Anonymous,

Indeed, it could fall further. ;)

Could you include your name or initials in future comments? :)

AK71 said...

Hi LZY,

HLS and CMA. :D

Merry Christmas and Happy New Year! :)

AK71 said...

Hi WK,

Probably worries about how monetary tightening in China could affect CMA's business. Just a guess. ;)

I have a new blog post this evening on CMA. Check it out. :)

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