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CapitaMalls Asia: $1.90 resistance turned support.

Friday, January 14, 2011

CapitaMalls Asia's $1.90 former resistance was tested today as support. A resistance once broken could become support but this always needs confirmation. Today, we have confirmation. My buy queue at $1.90 was filled.  This was a smallish transaction which I see as a hedge in case $1.90 held up as support.  This is a case of averaging up as my original long position was bought at $1.85 earlier on as the share price formed a bottom.

Usually, once support is confirmed, we would see more people buying in as they feel more confident. However, buying at support might not be available by then and any buying would be done at higher prices. With price closing once again at $1.92 after touching a high of $1.93, let us see how things turn out next week. Expect initial resistance at $1.95.

Related post:
CapitaMalls Asia: Plague, no more?


Cl said...

Still not interested in the main share??:)

AK71 said...

Hi Cl,

Do you mean Capitaland? Due to limited resources, I have no interest in it at the moment.

CapitaMalls Asia has a very strong balance sheet and it will benefit from its first mover status in the huge Chinese retail market. The best is yet to be. :)

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